Economics Jamb CBT 1

From the table above, the average product of the 3^rd unit labour is

One of the reasons why Nigeria is a mono-economy is because of her

If the price of yams decreases from ₦15.00 per tuber to ₦13.50 and the quantity supplied decreases by 20%, what is the elasticity of supply?

The additional cost incurred by producing an additional unit of product is known as

Unemployment caused by a change in the demand pattern

In Nigeria, PAYE is a typical example of

From the graph above, the consumer will attain equilibrium at point

An important role of agriculture in Nigeria economic development is the

If the price of bicycle changes from ₦120 to ₦80 and quantity bought changes from 300 to 500 units the elasticity of demand for bicycle is

A movement from M to T implies that three has been

When there is a change from T to N, it implies that

When there is a change from T to N, it implies that

The difference between birth and death rates of the given population referred to as the

A discount house is a market where

When the marginal utility of a commodity is zero, the total utility is

Economic freedom is a basic feature of

A buyer who haggles in the market is applying the principle of

Environmental degradation is more associated with

The velocity of money is represented as

The demand curve for factors of production

Short-termed loans for investment are usually obtained through the

In a village of 50 persons, 10 immigrated, 25 died and 5 emigrated in a year. Determined the total population

If a firm doubles all inputs in the long run and the output is less than doubled this results in

24. Patents and copyrights enable monopolist _________

A discriminatory monopoly is characterized by

The function of money which makes the division of labour possible is its

The export promotion strategy is aimed at producing

If the required reserve of a bank is 20% and ₦10,000 is paid into its demand and deposit account, what is the excess reserve?

An upward review of the retirement age will affect the

The diagram above shows a firm operating under conditions of monopolist competition. The curve W represents its

If the total fixed cost is the same regardless of output, the average fixed cost will be

If the elasticity of demand is greater than 1 and less than infinity, demand is said to be

Find the mean price of the distribution

Economic growth is different from economic development because economic growth

In economics, production take place only when

One of the assumptions of ordinal utility in consumer behaviour is that

The role of the central bank in the economic development of Nigeria is to

At the maximum point of the total product curve of a firm, marginal revenue is

By advertising, a monopolistic competitive firm tries to shift its

If P = ½ (Qs + 15). What is the quantity supplied at ₦9.00?

At 60 units of output, the AVC is

The ATC at 30 units of outputs

When a union is composed of workers with the same skill, it is called

An adverse environmental impact of the petroleum industry on the economy is

If the labour force in a given community is 2,000,000 in the wage employment 200,000 and the unemployed are 80,000 what is the unemployment rate in the community

GNP is not a good measure of social welfare because there are unrecorded

A country’s import index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade

If the United Kingdom buys gold for $60 an ounce and Nigeria buy the same ounce for ₦500, what will be united kingdom’s exchange rate with Nigeria

The most acceptable economic measure for trade protection is to