Jamb Economics 1988 Past Questions and Answers

Question 46:

• JAMB 1988

Collectivism refers to the system of management of state enterprises in a?

A. Mixed economy
B. Co-operative organization
C. Capitalist economic system
D. Socialist economy

Question 47:

• JAMB 1988

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

A. Frictional
B. Cyclical
C. Residual
D. Hidden

Question 48:

• JAMB 1988

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

A. P
B. Q
C. X
D. Y

Question 49:

• JAMB 1988

If in this demand-supply diagram, the quantity supplied is OQ, then

A. Price will be OP
B. There will be excess demand of RT
C. Price will be ON
D. Price will tend to rise

Question 50:

• JAMB 1988

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

A. P = 12, Q = 16
B. P = 15, Q = 10
C. P = 12, Q = 14
D. P = 16, Q = 12