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Economics Past Questions and Answers

Jamb Economics Questions

Question 41:

Petro-chemical industries are located in the Rivers State of Nigeria because of ________?

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A Favourable soil
B Coal deposit
C Crude oil deposit
D Favourable climate

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Question 42:

The bowed shape of the Production possibilities curve illustrates _________

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A That production is inefficient
B That demand is relatively inelastic
C That production is unattainable
D The law of increasing marginal cost

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Question 43:

Which of the following is an indicator of economic growth?

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A High tax rate
B Technology development
C High gross domestic product
D High interest rate

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Question 44:

The graph above represents _______

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A A decrease in quantity supplied
B An increase in supply
C A decrease in supply
D An increase in quantity supplied

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Question 45:

The law of diminishing marginal utility states:

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A The supply curve slopes downward
B Your utility grows at a slower and slower rate as you consume more and more unit of a good.
C The elasticity of demand is infinite
D None of the above

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