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Economics Past Questions and Answers

Jamb Economics Questions

Question 21:

The first petroleum exploring company to discover crude petroleum in Nigeria was?

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A Mobil
B Texaco
C Agip
D Shell-BP

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Question 22:

Concentrating industries in one place is advantageous because there are gains in terms of?

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A External economies
B Internal economies
C Economies of scale
D Cost economies

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Question 23:

Import substitution industrialization refers to?

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A The concentration of industries for even regional development
B Setting up of industries for even development
C A situation in which local industries are set up to produce goods formerly imported
D The banning of imports which are subtitutes for domestically produce goods

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Question 24:

An entrepreneur will continue to employ labour up to a point where?

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A Costs are minimized
B Maximized efficiency is attained
C Wages are equal to marginal product of labour
D Marginal product of labour is equal to zero

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Question 25:

Optimum population is defined as the level of population at which?

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A Per capital output is maximized
B Population is neither increasing nor decreasing
C Total national income is maximized
D Marginal efficiency of population is maximized

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