Economics Past Questions

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A rational consumer will adjust his spending pattern so that

A. He buys only the one item that gives him most total satisfaction
B. The marginal utility he gets from the last unit of item is the same
C. The marginal utility he gets from the last naira spent on each item is the same
D. The total utility he gets from each item is the same
E. The total amount of money he spends on each item is the same

View Answer & Discuss (3) JAMB 1978

Bondholders are treated more favorably than shareholders because

View Answer & Discuss (7) JAMB 1978

which of the following is not true about occupational distribution of the labour force of West Africa?

View Answer & Discuss (2) JAMB 1979

Which of the following is not true of the theory of optimum population?

A. It is possible for densely populated country to be underpopulated if it has insufficient labour to make the most effective use of its other factors
B. The quantity of labour which combined with the other factors gives the minimum output is known as optimum population
C. The quantity of labour which combined with the other factors, gives the maximum output, is known as optimum population
D. The test for over-population is whether it exceed the optimum
E. It is possible for a thinly populated country to be over populated if it has a poor supply of other factor

View Answer & Discuss (8) JAMB 1979

Production covers all but one of the following activities:

A. changing the position of a good in time as, for example, holding stock of goods until they are required
B. the provision of some kind of service e.g retailing
C. changing the form of a good from the raw material to the finished product
D. changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
E. the use of good and services to satisfy individual wants

View Answer & Discuss (18) JAMB 1979

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