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Economics Past Questions

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211
If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?
  • A. an income elastic good
  • B. a normal good
  • C. an inferior good
  • D. demand elastic
  • E. supply elastic
View Answer & Discuss (1) JAMB 1982
212
which is not responsible for the decline in food production in West Africa?
  • A. Neglect of agriculture by many people
  • B. drift of young people rural to urban areas
  • C. Influence of weather and climate
  • D. Many of the countries do not balance of payments problems
  • E. Lack of good prices for agricultural products on the farm
View Answer & Discuss (1) JAMB 1982
213
The most dominant economic activity which employs the largest number of people in West Africa is?
  • A. manufacturing
  • B. transport
  • C. government
  • D. agriculture
  • E. the petroleum industry
View Answer & Discuss JAMB 1982
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214
Public enterprises are supported on the grounds that they are undertaken for
  • A. increasing profit of the private sector
  • B. reducing the burden of the private sector
  • C. improving the welfare of the people
  • D. earning profit for the people
  • E. earning profit for the government
View Answer & Discuss (1) JAMB 1982
215

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)

in the above table, the marginal cost of the 3rd unit of output is

  • A. 12
  • B. 6
  • C. 10
  • D. 2
  • E. 9
View Answer & Discuss (4) JAMB 1982
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