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Economics 2015 JAMB Past Questions

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1

The law of variable proportions is also known as

  • A. law of demand
  • B. law of diminishing returns
  • C. law of diminishing marginal utility
  • D. law of returns to scale
View Answer & Discuss (1) JAMB 2015
2
All the following are problems identified with agriculture in West Africa except
  • A. land tenure system
  • B. ignorance of the farmers
  • C. use of crude implement
  • D. provision of food for the teeming population
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3
Revenue can be expressed as
  • A. total Profit made after sales
  • B. amount of goods produced
  • C. total money realized from sales
  • D. amount spent on purchases
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4

All the following are factors that would bring about a change in supply except

  • A. level of technology
  • B. government policy
  • C. Entry of new firms
  • D. Price of the commodity
View Answer & Discuss (8) JAMB 2015
5

The combination of two commodities each yielding the same level of satisfaction to the consumer is

  • A. consumer surplus
  • B. indifference curve
  • C. budget constant
  • D. goods of necessity
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 127076