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Economics 2022 JAMB Past Questions

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6

A major characteristic of natural resources is they

  • A. are unlimited in supply
  • B. have high cost of production
  • C. are free gifts of nature
  • D. do not command any price
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7

A major disadvantage of a capitalist economy is that it

  • A. leads to low production of goods and services
  • B. requires large number of officials to operate
  • C. considers individual consumers' satisfaction
  • D. worsens income inequality among the citizens
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8

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

  • A. $ 90.00
  • B. $ 180.00
  • C. $ 324.00
  • D. $ 350.00
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9

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

  • A. in complementary demand
  • B. of the same quality
  • C. in composite demand
  • D. in competitive demand
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10

The demand curve for goods of ostentation is usually

  • A. negatively sloped
  • B. positively sloped
  • C. vertical
  • D. horizontal
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
WAEC offline past questions - with all answers and explanations in one app - Download for free
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts