Jamb Economics 1980 Past Questions and Answers

Question 1:

• JAMB 1980

Production in Economics occurs when

A. A commodity or service is sold
B. Utility is created or added
C. A commodity is manufactured
D. Raw materials are produced or extracted from mines
E. All of these

Question 2:

• JAMB 1980

Production in Economics occurs when

A. A commodity or service is sold
B. Utility is created or added
C. A commodity is manufactured
D. Raw materials are produced or extracted from mines
E. All of these

Question 3:

• JAMB 1980

From an economic point of view, an activity does not have a cost when

A. Someone else pays for it
B. The returns are greater than the cost
C. The choice involves giving up nothing
D. The government pays for it
E. It is paid for from a gift

Question 4:

• JAMB 1980

Which would you NOT consider an agro-based industry in Nigeria?

A. A diary enterprise producing milk
B. A yam floor mill
C. A poultry industry
D. A fertilizer plant
E. None of the above

Question 5:

• JAMB 1980

Price control indicate the following

A. Price is fixed at equilibrium level
B. Price is fixed above equilibrium level
C. Price is not fixed but determined by demand and supply
D. Price is fixed below equilibrium level
E. None of the above