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Economics 1981 JAMB Past Questions

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36
Inflation is likely to benefit?
  • A. persons with bank savings
  • B. persons employed in financial houses
  • C. debtors
  • D. persons who lived on fixed pension funds
  • E. creditors
View Answer & Discuss (2) JAMB 1981
37
Which of the following is NOT a characteristic of perfect competition?
  • A. many sellers and buyers in the markets
  • B. There is perfect knowledge
  • C. Supply and demand are equal
  • D. There is no advertising
  • E. Products are identical
View Answer & Discuss JAMB 1981
38
Opportunity cost is best defined as?
  • A. the penalty for not seizing golden opportunities
  • B. sacrificed alternative (output, income etc.)
  • C. the cost of creating job opportunities
  • D. payment made to an industrial worker
  • E. the difference between fixed and variable costs
View Answer & Discuss JAMB 1981
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39

Progressive income tax can be expressed as

  • A. tax that falls as income rises
  • B. tax that rises as income falls
  • C. tax that is independent of income
  • D. tax that rises as income rises
  • E. tax that is neutral to income
View Answer & Discuss (1) JAMB 1981
40
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
  • A. 15k, 13,000
  • B. 20k, 17,500
  • C. 13k, 20,000
  • D. 18k, 18,000
  • E. 18k, 15,000
View Answer & Discuss JAMB 1981
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