Jamb Economics 1982 Past Questions and Answers

Question 16:

• JAMB 1982

Taxes which are levied on a person’s expenditures are known as?

A. Purchase tax
B. Sales tax
C. Direct tax
D. Poll tax
E. Income tax

Question 17:

• JAMB 1982

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

A. Development projects
B. Infrastructural facilities
C. Monoculture
D. Capital investment
E. Superstructure

Question 18:

• JAMB 1982

The equilibrium market price is determined at a point where?

A. Consumers can buy all they desire
B. Sellers can dispose of all their wares
C. The price is moderate
D. Quantity consumers desires equal quantity sellers offer
E. Sellers and buyers are not quarrelling

Question 19:

• JAMB 1982

The sloping downward of the demand curve implies that?

A. An increase in price leads to an increase in quantity demanded
B. An increase in price leaves the quantity demanded unchanged
C. A decrease in price leads to a decreased in quantity demanded
D. A decrease in price leads to an increase in quantity demanded
E. Supplies respond by offering less commodities for sale

Question 20:

• JAMB 1982

if AC = Average Cost of production ,
TC = Total Cost of production
VC = Variable Cost of production
FC = Fixed Cost of production
Q = Quantity of goods produced
Then,

A. AC = TC; TC = VC + FC
B. AC = (TC) Q: TC = VC + FC
C. AC = TC; TC = (VC)(FC) Q
D. AC = TC- FC: VC = TC- AC
E. AC = TC ; TC = VC + AC Q