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Monday, 27 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 451:
JAMB 1979
By utility we mean
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  • A Usefulness
  • B Power of satisfying a want
  • C Beneficial
  • D Advantageous
  • E Consumable
View Answer & Explanation
Question 452:
JAMB 1979
Which of the following is not an indirect tax?
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  • A Excise duty
  • B Company tax
  • C Import duty
  • D Export duty
  • E Sales tax
View Answer & Explanation
Question 453:
JAMB 1979
Average cost is
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  • A The total cost of production
  • B The extra cost of producing one additional unit of output
  • C Cost of producing a unit of output
  • D Variable cost
  • E Overhead cost
View Answer & Explanation
Question 454:
JAMB 1979
opportunity cost is the
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  • A Price of scarce goods
  • B Resources required for making a commodity
  • C Cost of luxury goods
  • D Accrual of financial loses by chance
  • E Althernative forgone in other to satisfy a want
View Answer & Explanation
Question 455:
JAMB 1979
The quantity supplied of a commodity increases best when
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  • A Production increases
  • B Demand increases
  • C Price of the commodity increases
  • D Population of the country increases
  • E More commodities are imported
View Answer & Explanation

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