Jamb Economics 1978 Past Questions and Answers

Question 26:

• JAMB 1978

Which of the following is not a form of business organization

A. A sole proprietorship
B. Cartel
C. Partnership
D. Joint stock
E. Cooperative society

Question 27:

• JAMB 1978

As consumption of beer increases, its marginal utility to a drinker will

A. Increase
B. Remain constant
C. Fluctuate
D. Decrease
E. Change proportionally

Question 28:

• JAMB 1978

Which of the following sector of the economy is estimated to be the largest employer of labour in the country

A. Construction
B. Agriculture
C. Distribution
D. Mining and petroleum
E. Transport and communication

Question 29:

• JAMB 1978

The expression ‘terms of trade’ is used to describe

A. Quality of export
B. The direction of foreign trade
C. Terms of purchase on deferred payment basis
D. The rate at which export exchange for imports
E. Import licensing

Question 30:

• JAMB 1978

If the demand of a product with perfectly elastic supply increases, there will be

A. An increase in price and quantity offered
B. An increase in quantity offered but price will remain the same
C. A reduction in price and quantity offered
D. An increase in price but a reduction in quantity offered for sale
E. An increase in quantity offered but a reduction in price