Jamb Economics 1982 Past Questions and Answers

Question 6:

• JAMB 1982

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

A. Profitable to the production process
B. Purchased for the purpose of production
C. Combined in the production process
D. Provided adequately for the production process
E. Brought into the factory

Question 7:

• JAMB 1982

The supply of and demand for goods and services are influenced by the?

A. Supermarkets
B. Entrepreneurs
C. Mechanism of the law
D. Mechanism of equilibrium
E. Price mechanism

Question 8:

• JAMB 1982

The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?

A. There is a Government ban on the importation of beer
B. Beer distributors want more profit
C. Nigeria is a large country
D. Middlemen hoard beer
E. The demand for beer exceeds the supply

Question 9:

• JAMB 1982

Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?

A. Debentures
B. Preference shares
C. Ordinary shares
D. Participating preference shares
E. Old shares

Question 10:

• JAMB 1982

A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?

A. Profit maximization
B. Large-scale production
C. A wind fall
D. Government subsidies
E. Economies of scale