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Economics Past Questions and Answers

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Jamb Economics Questions

Question 76:

Among the disadvantages of the one-man business is the fact that______

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A Its capital may not be increased without government permission
B The proprietor is personally liable for the firm's debts
C The proprietor is not able to obtain credit
D The proprietor may not sue for bad debts

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Question 77:

The most reliable and acceptable index of economic growth is the__________

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A Wholesale Price Index
B Consumer Price Index
C National Income
D Retailer's Price Index

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Question 78:

The release of a liquid petroleum hydrocarbon into the environment is_______

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A Oil glut
B Oil spill
C Oil shock
D Oil wastage

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Question 79:

ECOWAS was formed for the purpose of________

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A Promoting co-operation and integration
B To facilitate the expansion of international trade
C To provide insurance
D To insure new investment

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Question 80:

Price(â‚¦)	Quantity Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______

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A -1.25
B 0.62
C 1.25
D 1

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