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Economics Past Questions and Answers

Jamb Economics Questions

Question 66:
The law of variable proportions is also known as
  • A Law of demand
  • B Law of diminishing returns
  • C Law of diminishing marginal utility
  • D Law of returns to scale
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Question 67:
All the following are problems identified with agriculture in West Africa except
  • A Land tenure system
  • B Ignorance of the farmers
  • C Use of crude implement
  • D Provision of food for the teeming population
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Question 68:
Revenue can be expressed as
  • A Total Profit made after sales
  • B Amount of goods produced
  • C Total money realized from sales
  • D Amount spent on purchases
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Question 69:
All the following are factors that would bring about a change in supply except
  • A Level of technology
  • B Government policy
  • C Entry of new firms
  • D Price of the commodity
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Question 70:
The combination of two commodities each yielding the same level of satisfaction to the consumer is
  • A Consumer surplus
  • B Indifference curve
  • C Budget constant
  • D Goods of necessity
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