Economics 1999 Jamb Past Questions and Answers

Question 1 :

• JAMB 1999

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?

A. N5,200
B. N 4,760
C. N4,670
D. N2,080

Question 2 :

• JAMB 1999

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?

A. N5,200
B. N 4,760
C. N4,670
D. N2,080

Question 3 :

• JAMB 1999

Abubakar has the choice of buying either a house ruining cost. If he decides to buy the Mercedes Benz car, his opportunity cost is?

A. N 1.5 m
B. N 2.0m
C. The house
D. The car

Question 4 :

• JAMB 1999

The shape of a production possibility frontier is determined by the?

A. Increasing relative costs
B. Returns to scale
C. Diminishing returns to a fixed factor
D. Increasing returns to a variable factor

Question 5 :

• JAMB 1999

Normative economics deals with?

A. What is and not what should be
B. Facts and not figures
C. Facts and figures
D. Value judgements