Economics 2019 Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

31. The lands that belong to the community is referred to as__________

  • A. sacred land
  • B. individual land
  • C. communal land
  • D. rent land

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

  • 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
 

33.  The most reliable and acceptable index of economic growth is the__________

  • A. Wholesale Price Index
  • B. Consumer Price Index
  • C. National Income
  • D. Retailer’s Price Index

34. The release of a liquid petroleum hydrocarbon into the environment is_______

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

35. ECOWAS was formed for the purpose of________

  • A. promoting co-operation and integration
  • B. to facilitate the expansion of international trade
  • C. to provide insurance
  • D. to insure new investment

36. Economics is a social science concerned with the proper use and______

  • A. production of goods and services
  • B. distribution of wealth
  • C. allocation of resources for growth
  • D. creation of utility

37. The determination of price by bargaining between buyers and sellers is________

  • A. Sales by Auction
  • B. Tender
  • C. Higgling and Haggling
  • D. Price Control

38. An economy system that uses what is regarded as the “Market mechanism” is called_______

  • A. Mixed economy
  • B. Socialism
  • C. Command economy
  • D. Capitalism

39. The last link in the channel of distribution is____________

  • A. Producer
  • B. Retailer
  • C. Consumer
  • D. Wholesaler

40. John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

  • A. marginal physical productivity
  • B. marginal income productivity
  • C. consumer’s surplus
  • D. economic rent
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