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Economics Past Questions and Answers

Jamb Economics Questions

Question 36:

In a sole proprietorship, the decisions are made by the ____________

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A Government
B Management
C Owner
D Board of Directors

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Question 37:

A firm is at its optimum size when ____________

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A It has a motive to increase output
B It produces the greatest output at a minimum cost
C Marginal cost equals marginal revenue
D Marginal cost is less than marginal revenue

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Question 38:

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ____________

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A 100 days
B 30 days
C 90 days
D 14 days

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Question 39:

The petro-chemical industries are located in Rivers State of Nigeria due to ____________

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A Coal deposit
B Palm oil products
C Favourable soil
D Oil deposits

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Question 40:

Units of Quality Consumes	Total Utility	Marginal Utility
012345	-1015171818	-105210

This table illustrates the law of ____________

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A Increasing returns
B Diminishing returns
C Diminishing marginal utility
D Increasing total utility

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