Jamb Economics 1980 Past Questions and Answers

Question 21:

• JAMB 1980

Which sector can you say is growing fastest in the Nigeria economy?

A. Agriculture
B. Industry
C. Education
D. Transport
E. Labour

Question 22:

• JAMB 1980

Which is NOT a method of raising capital funds in Nigeria?

A. Borrowing from abroad
B. Internal borrowing
C. Nigerianization of foreign companies
D. Gifts from abroad
E. Saling government bonds

Question 23:

• JAMB 1980

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

A. Increase cost
B. Economies of scale
C. Decreasing returns
D. Decreasing cost
E. None of the above

Question 24:

• JAMB 1980

The fundamental problem of Economics is?

A. Money
B. Poverty
C. Unemployment
D. The scarcity of resources relative to wants
E. Inflation

Question 25:

• JAMB 1980

If you do not have to give anything in order to get a particular thing, then its opportunity cost is?

A. Zero
B. Not measurable
C. Its price in money
D. Infinite
E. Equal to one