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Economics Past Questions and Answers

Jamb Economics Questions

Question 21:

Division of labour has many advantages . Not withstanding, it is greatly limited by?

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A Monotony of work
B Decline of craftmanship
C Risk of unemployment
D Extent of market demand
E Boredom

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Question 22:

In the event of a limited liability company going into liquidation each

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A Shareholder may lose the maximum of the amount he has invested
B Shareholder loses nothing
C Shareholders loses everything including his house
D Shareholder''s liability becomes unlimited
E Shareholder will lose the amount he has invested plus a proportion of his bank account

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Question 23:

A greater burden of the taxes on essential goods is borne by the?

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A Middle income group
B Higher income group
C Lower income group
D People falling between the middle and higher income groups
E Top few richest people of the country

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Question 24:

Comparative cost doctrine of international trade means specialization in production

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A According to absolute cost advantage
B According to absolute cost disadvantage
C According to comparative cost disadvantage
D According to comparative cost advantage
E On the basis of the availability of labour

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Question 25:

The meaning of 'Dumping' is selling goods in a foreign market

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A At a low price that recieved in the home market
B At a price higher than that recieved in the foreign market
C At a price equal to the cost price in the home market
D In order to encourage indigenous producers
E At a price equal to the selling price in the home market

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