Jamb Economics 1995 Past Questions and Answers

Question 11:

• JAMB 1995

The factor of production that has the highest degree of mobility is?

A. Land
B. Labour
C. Capital
D. Enterpreneurship

Question 12:

• JAMB 1995

Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?

A. Real income
B. Profit
C. Economic rent
D. Real wage

Question 13:

• JAMB 1995

The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?

A. A fixed cost
B. An implicit cost
C. A variable cost
D. A prime cost

Question 14:

• JAMB 1995

The effect of changes in the condition of demand on a demand schedule with the price constant is?

A. A movement along the demand curve
B. Deflation of the demand curve
C. Hyperbola formation by the demand curve
D. Shift of the demand curve

Question 15:

• JAMB 1995

Which of the following statement is TRUE of the effect of changes in demand and supply on price?

A. A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
B. An increase in demand will lead to a fall in price and quantity bought and sold
C. A decrease in demand will lead to a rise in price and in the quantity bought and sold
D. An increase in supply will lead to a fall price and a rise in the quantity bought and sold