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Economics 1981 JAMB Past Questions

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31
An equilibrium price?
  • A. keeps excess demand within limits
  • B. keeps excess supply within limits
  • C. generates the greatest possible demand and supply
  • D. generates the greatest possible profits
  • E. equates the quantity supplied to be equal to the quantity demanded.
View Answer & Discuss JAMB 1981
32

When a nation’s exports are greater than its imports

  • A. The net foreign trade is zero
  • B. an unfavourable balance of payment exist
  • C. A favourable balance of payment exists
  • D. An un favourable balance of trade exist
  • E. A favourable balance of trade exists
View Answer & Discuss (6) JAMB 1981
33
unlimited liability means?
  • A. The government can tax a company without limit
  • B. The debts of a company must be paid out of it assets
  • C. A company ceases to exist at the death of one of its owners
  • D. A firm must pay its debts from business as well as private funds
  • E. None of the above
View Answer & Discuss JAMB 1981
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34
One of the probable effects of an increased minimum wage in Nigeria is?
  • A. to create volunteer unemployment
  • B. to decrease the wage rate
  • C. to increase the level of unemployment
  • D. to create involuntary unemployment
  • E. to increase the demand for labour
View Answer & Discuss (3) JAMB 1981
35
If the income of a consumer rises and his demand for good X falls, good X can be described as
  • A. a normal good
  • B. an adnoral good
  • C. a good with inelastic demand
  • D. a good with unitary elastic demand
  • E. none of the above
View Answer & Discuss (4) JAMB 1981
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