Economics 1978 Jamb Past Questions and Answers

Question 11 :

• JAMB 1978

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

A. Increasing Marginal utility
B. Diseconomies of scale
C. Increasing costs
D. Constant returns to scale
E. Increasing returns to scale

Question 12 :

• JAMB 1978

Price control cannot work in Nigeria because

A. The population is too large
B. The policemen hate to arrest people
C. While it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
D. Control cannot work under military rule
E. Too many things are produced in the country

Question 13 :

• JAMB 1978

The foreign exchange market is a market where

A. Graded commoditties like wheat, flour, etc are sold and bought
B. Currencies are sold and bought
C. Treasury bills are sold and bought
D. Government bonds are sold and bought
E. Treasury certificates are sold

Question 14 :

• JAMB 1978

Which of the following financial assets consist the lowest rate of interest in Nigeria?

A. Commercial bills
B. Call money
C. Treasury bills
D. Development loan stocks
E. Deposits with the federal savings bank

Question 15 :

• JAMB 1978

The effect of the demand for product A caused by a change in the price of a product B is called?

A. Cross-elasticity of demand
B. Elasticity of supply
C. Competitive demand
D. Composite demand
E. Joint demand