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Economics 1999 JAMB Past Questions

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21
Concentrating industries in one place is advantageous because there are gains in terms of?
  • A. external economies
  • B. internal economies
  • C. economies of scale
  • D. cost economies
View Answer & Discuss JAMB 1999
22
Import substitution industrialization refers to?
  • A. the concentration of industries for even regional development
  • B. setting up of industries for even development
  • C. a situation in which local industries are set up to produce goods formerly imported
  • D. the banning of imports which are subtitutes for domestically produce goods
View Answer & Discuss JAMB 1999
23

An entrepreneur will continue to employ labour up to a point where?

  • A. costs are minimized
  • B. maximized efficiency is attained
  • C. wages are equal to marginal product of labour
  • D. marginal product of labour is equal to zero
View Answer & Discuss (3) JAMB 1999
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24
Optimum population is defined as the level of population at which?
  • A. per capital output is maximized
  • B. population is neither increasing nor decreasing
  • C. total national income is maximized
  • D. marginal efficiency of population is maximized
View Answer & Discuss JAMB 1999
25
When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?
  • A. an opportunity cost
  • B. an economic rent
  • C. transfer earnings
  • D. surplus value
View Answer & Discuss JAMB 1999
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