Jamb Economics 1980 Past Questions and Answers

Question 16:

• JAMB 1980

By subsistence production we mean?

A. Goods and services are produced for consumption only
B. Goods and services are sold to others
C. Raw materials are produced in the country
D. Goods and services are produced for the market
E. None of these

Question 17:

• JAMB 1980

Division of labour means?

A. The labour is divided into different section
B. The work is divided into different parts to be completed by each labour
C. Production is completed by the different department of a factory
D. Commodities are produced at different times by a single labourer
E. The labour force in the country is not united

Question 18:

• JAMB 1980

A limited liability company is owned by?

A. An individual
B. Two or more partners
C. Shareholders
D. Government
E. A bank

Question 19:

• JAMB 1980

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

A. Normal
B. Abnormal
C. Inferior
D. Superior
E. Scarce

Question 20:

• JAMB 1980

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

A. Proportional tax
B. Progressive tax
C. Competitive tax
D. Excise tax
E. Regressive tax