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Economics Past Questions and Answers

Jamb Economics Questions

Question 41:

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

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A Demand for his product is completely elastic
B Supply of his goods is more elastic than the demand
C Demand for his product is more elastic than the supply
D Production of his commodities is subject to diminishing returns
E Production of his commodities is subject to increase returns to scale

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Question 42:

Which of the following is NOT a part of the fixed costs of a limited liability company?

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A Interest on loans
B Rent on buildings
C Depreciation reserves
D Management expenditure
E Wages

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Question 43:

The act of combining factor inputs in order to obtain specific output is known as

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A Factor procurement
B Manufacturing
C Investment
D Industrialization
E Production

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Question 44:

Disguised unemployment

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A Exist when manpower is not being utilized efficiently
B Calls for the implementation of five plans
C Can be eliminated if the press is free
D Can be eliminated if the capital output ratio is increased
E Is a statistical artifact with no economic meaning

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Question 45:

The unemployment associated with a recession is called?

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A Voluntary
B Frictonal
C Cyclical
D Structural
E Maximum

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