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Economics 1980 JAMB Past Questions

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1
Production in Economics occurs when
  • A. a commodity or service is sold
  • B. utility is created or added
  • C. a commodity is manufactured
  • D. raw materials are produced or extracted from mines
  • E. all of these
View Answer & Discuss (1) JAMB 1980
2
From an economic point of view, an activity does not have a cost when
  • A. someone else pays for it
  • B. the returns are greater than the cost
  • C. the choice involves giving up nothing
  • D. the government pays for it
  • E. it is paid for from a gift
View Answer & Discuss (1) JAMB 1980
3
Which would you NOT consider an agro-based industry in Nigeria?
  • A. a diary enterprise producing milk
  • B. a yam floor mill
  • C. a poultry industry
  • D. a fertilizer plant
  • E. none of the above
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4
Price control indicate the following
  • A. price is fixed at equilibrium level
  • B. price is fixed above equilibrium level
  • C. price is not fixed but determined by demand and supply
  • D. price is fixed below equilibrium level
  • E. none of the above
View Answer & Discuss (6) JAMB 1980
5
Which is NOT a function of Central Bank in West Africa
  • A. Dealing in foreign exchange
  • B. Issuing of currency
  • C. Accepting deposit from private customers
  • D. Acting as government bank
  • E. Acting as bankers bank
View Answer & Discuss (1) JAMB 1980
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