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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

The loading of crude oil at the terminal is an activity in the

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A Downstream sector of the oil industry
B Upstream and downstream sector of the oil industry
C Upstream sector of the oil industry
D Midstream and upstream sectors of the oil industry

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Question 17:

The short-run average variable cost of a firm will rise owing to

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A The expansion of factory space
B The building of new warehouse
C An increase in the cost of labour
D An increase in the salaries of directors

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Question 18:

Firms embark on vertical integration in other to

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A Take over markets formally controlled by other firms
B Prevent other firms from entering the market
C Reduce advertisement and management cost
D Enjoy economies of large-scale production

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Question 19:

The voting power in co-operative societies is vested on

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A Management
B Members without loan
C Shareholders
D Members with the highest contribution

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Question 20:

An important role of agriculture in Nigeria's economic development is the

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A Processing of raw materials for industries
B Regulation of price system
C Provision of infrastructure
D Provision of employment

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