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Economics Past Questions and Answers

Jamb Economics Questions

Question 26:

A country's terms of trade can be improved by ____?

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A Collective bargaining
B Imposing lower export duties
C Revelation of currency
D Reducing demand for imported goods

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Question 27:

Changing the structure of a commodity in order to increase its utility is called?

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A Time utility
B Form utility
C Marginal utility
D Place utility

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Question 28:

Which of the following is not an indicator of economic growth?

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A CPI
B PPI
C GDP
D High Level of Unemployment

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Question 29:

One of the unique features that distinguishes the perfect and imperfect market condition is _________

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A Profit motive principles
B Absence of price control board
C Price determines production and distribution
D Number of sellers and buyers

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Question 30:

In economics, the or input question refers to:

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A The problem of allocating scarce resources among competing uses
B The way in which factors of production may be combined to produce output
C The way in which a firm decides on its profit maximising rate of output
D The problem of how output is distributed among individuals and groups in society.

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