Economics 2017 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.

41.  \(\frac{∑f(x-x̄)}{N}\)

Is a formula used to calculate for ____________

  • A. variance
  • B. the quartile
  • C. standard deviation
  • D. mean deviation

42. Completely competitive market exist when each member is a —

  • A. price maker
  • B. price taker
  • C. price seeker
  • D. a and b

43.  Given a consumption function C = 10 + 0.6Y, determine the value of C if Y is 20

  • A. 36.60
  • B. 22.00
  • C. 30.60
  • D. 26.00

44. A partnership sourcing for funds to expand its business would approach _______

  • A. a central bank
  • B. a money market
  • C. an insurance
  • D. a stock exchange

45.  Opportunity cost helps the government to:

  • A. Distribute money to citizens
  • B. support better production
  • C. remove competition
  • D. prepare budget

46. Which of the following is NOT a source of government revenue?

  • A. Grants, aids and borrowing
  • B. Taxes, fees, licenses and fines
  • C. Interest, dividends, profits and earnings
  • D. personal income, disposable income and transfer earnings

47. Which of these is a type of partnership in business?

  • A. Limited partnership
  • B. limited liability company
  • C. private partnership
  • D. joint stock partnership

48. Which of the following is an indirect tax?

  • A. Poll tax
  • B. personal income tax
  • C. Company tax
  • D. excise duties

49. Localization of industry is encouraged because of ________

  • A. low interest charges on loans
  • B. improvements in infrastructure
  • C. low foreign exchange rate
  • D. high standard of living

50. Which of the following is correct?

  • A. Traditional budgeting focuses on goals and objectives
  • B. Zero based budgeting produces a single level of appropriation for an activity
  • C. Traditional budgeting starts with last year’s funding appropriation
  • D. Zero based budgeting does not systematically consider alternatives to current operations
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