40 Jamb Economics Likely Questions And Answers
Answer: Rent
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Natural growth rate can be calculated by? Answer: Natural growth rate = Death rate + Net immigration
In the analysis of utility theory, the basis of demand is ___ Answer: Diminishing utility
In the money market, money can only be borrowed for ___ Answer: Short term
The consumer co-operative society is owned by Answer: Members of the society
Find the median of the following set of scores, 8,9,6,5,10 Answer: Median is the middle number after all the
numbers are arranged in ascending or descending order. Arranging, we have 5,6,8,9,10. Therefore, the media in 8
One major export crop in West Africa is ____ Answer: Cocoa
Answer: Maximise profits
The market where buyers and sellers of currency meet are known as Answer: Foreign exchange market
Taxes that are levied on a person’s expenditure are known as Answer: Purchase tax
The additional revenue obtained by using one more unit of a factor is called ___ Answer: Marginal Revenue product
A firm’s compulsory cost is referred to as its
Answer: Fixed Cost
A firm is at its optimum size when
Answer: It produces the greatest output at the minimum.
The full meaning of OPEC is Answer: Organization of petroleum exporting countries
State-owned enterprises are more common in Centrally planned economies
Commercial banks are examples of a joint-stock bank
Efficiency of labour is enhanced by Improved working conditions and training
The production strategy used in populated countries is Labour intensive
. 31. Internal trade has a general effect on ….. of a country. Answer: GDP
The headquarters of the African Development Bank (ADB) was originally located in Abidjan
….. is the measurement of the steepness of the line or curve that emerges on the graph.
Answer: Slope
The situation whereby government revenue is less than government expenditure is referred to as Answer: Budget deficit
….. and …. of goods and factors of production brought the existence of price Answer: Scarcity and usefulness
The most common form of business in West Africa is the
Answer: Sole proprietorship
The terms of trade simply mean the price ratio of Answer: export to import
The tax imposed on goods produced within the country is An EXCISE TAX Hope you found this helpful? Feel free to share with your friends and don’t fail to drop your comment.