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Economics 1982 JAMB Past Questions

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1
Economics is a science which deals basically with
  • A. the factors of production
  • B. allocation of scarce resources
  • C. oil exportation
  • D. the gross domestic product (GDP)
  • E. national income
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2
Economist speak about 'opportunity cost' when a person
  • A. has the opporunity to attain a high degree of cost minimization
  • B. has to forego one thing in order to have another
  • C. can equate his fixed costs with his variable costs
  • D. is able to run his business without much expenditure
  • E. has to maximize utility in order to maintain a high standard of living
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3

To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and

  • A. the size of that country
  • B. the rate of immigration into that country
  • C. the population census of that country
  • D. the annual death rate
  • E. the gross domestic product annual(GDP) of that country
View Answer & Discuss (3) JAMB 1982
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4
We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because
  • A. it is the dependent population of Nigeria, economically
  • B. all student in Nigeria are in this group
  • C. more than 50% of all Nigerians are in this group
  • D. it is the most expensive group of the economy
  • E. it is the productive group of the economy
View Answer & Discuss JAMB 1982
5
In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?
  • A. profitable to the production process
  • B. purchased for the purpose of production
  • C. combined in the production process
  • D. provided adequately for the production process
  • E. brought into the factory
View Answer & Discuss JAMB 1982
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