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Economics 1980 JAMB Past Questions

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26
When we draw a market demand curve, we?
  • A. ignore tastes, incomes and other prices
  • B. assumes that tastes, income and prices do not matter
  • C. assumes that taste, income and all other prices change in same direction as prices
  • D. assume that tastes, incomes and all other prices remain constant
  • E. both A and B above
View Answer & Discuss JAMB 1980
27
Capital earns income because?
  • A. it is productive
  • B. it is expensive
  • C. it is always cheaper to substitute capital for labour
  • D. it is technically more efficient than labour
  • E. both A and B above
View Answer & Discuss (1) JAMB 1980
28
In a free market economy, the rationing of scarce goods is done principally by
  • A. the government
  • B. business organizations
  • C. the price mechanism
  • D. consumers
  • E. both A and B
View Answer & Discuss (3) JAMB 1980
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29
A disadvantage of the corporate form of business is the?
  • A. risk of the owners of loss of personal effects if the business should fail
  • B. ability of the corporation to is financial resources
  • C. limited life span of the corporation
  • D. problems presented by separation ownership from control
  • E. None of the above
View Answer & Discuss (2) JAMB 1980
30
The value of money depends primarily on?
  • A. the gold backing of the currency
  • B. the gold backing of both currency and deposit
  • C. the general price level
  • D. government decree that it is legal tender
  • E. none of the above
View Answer & Discuss (1) JAMB 1980
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts