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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

A good measure of the standard of living usually used for international comparison is

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A Gross natioal income (GNI)
B Net national income (NNI)
C Gross national product (GNP)
D Gross domestic product (GDP)
E Per capital income (PCI)

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Question 32:

A commodity can be sold for two or more different prices if it is?

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A Produced or sold by oligopoly
B Sold in perfect market
C Produce or sold by monopsony
D Produced or sold by monopoly
E Produced or sold by perfect competition

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Question 33:

The PAYE (Pay As You Earn) in Nigeria is an example of?

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A Indirect tax
B Progressive tax
C Regressive tax
D Community tax
E Flat rate tax

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Question 34:

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

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A An income elastic good
B A normal good
C An inferior good
D Demand elastic
E Supply elastic

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Question 35:

which is not responsible for the decline in food production in West Africa?

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A Neglect of agriculture by many people
B Drift of young people rural to urban areas
C Influence of weather and climate
D Many of the countries do not balance of payments problems
E Lack of good prices for agricultural products on the farm

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