Jamb Economics 1981 Past Questions and Answers

Question 31:

• JAMB 1981

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

A. Substitute goods
B. Complementary goods
C. Elastic goods
D. Inelastic goods
E. Inferior goods

Question 32:

• JAMB 1981

An equilibrium price?

A. Keeps excess demand within limits
B. Keeps excess supply within limits
C. Generates the greatest possible demand and supply
D. Generates the greatest possible profits
E. Equates the quantity supplied to be equal to the quantity demanded.

Question 33:

• JAMB 1981

When a nation’s exports are greater than its imports

A. The net foreign trade is zero
B. An unfavourable balance of payment exist
C. A favourable balance of payment exists
D. An un favourable balance of trade exist
E. A favourable balance of trade exists

Question 34:

• JAMB 1981

unlimited liability means?

A. The government can tax a company without limit
B. The debts of a company must be paid out of it assets
C. A company ceases to exist at the death of one of its owners
D. A firm must pay its debts from business as well as private funds
E. None of the above

Question 35:

• JAMB 1981

One of the probable effects of an increased minimum wage in Nigeria is?

A. To create volunteer unemployment
B. To decrease the wage rate
C. To increase the level of unemployment
D. To create involuntary unemployment
E. To increase the demand for labour