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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

By subsistence production we mean?

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A Goods and services are produced for consumption only
B Goods and services are sold to others
C Raw materials are produced in the country
D Goods and services are produced for the market
E None of these

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Question 17:

Division of labour means?

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A The labour is divided into different section
B The work is divided into different parts to be completed by each labour
C Production is completed by the different department of a factory
D Commodities are produced at different times by a single labourer
E The labour force in the country is not united

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Question 18:

A limited liability company is owned by?

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A An individual
B Two or more partners
C Shareholders
D Government
E A bank

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Question 19:

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

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A Normal
B Abnormal
C Inferior
D Superior
E Scarce

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Question 20:

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

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A Proportional tax
B Progressive tax
C Competitive tax
D Excise tax
E Regressive tax

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