Jamb Economics 2006 Past Questions and Answers

Question 36:

• JAMB 2006

The term 'oil shock' is used to describe a situation in which

A. The demand for oil exceeds its supply
B. Oil prices have fallen drastically
C. The demand for oil is equal to ite supply
D. The supply of oil exceeds its demand

Question 37:

• JAMB 2006

The major problem of conducing a census in Nigeria is

A. Inadequate skilled personnel
B. Financial constraint
C. Urban congestion
D. Lack of political will

Question 38:

• JAMB 2006

The marginal productivity theory applies in a

A. Unionized labour market
B. Perfectly competitive market
C. Monopsonistic market only
D. Monopolistic market only

Question 39:

• JAMB 2006

A rising short-run average cost is a result of

A. Economies of scale
B. Falling marginal costs
C. Diminishing returns
D. Rising fixed costs

Question 40:

• JAMB 2006

The only factor of production that plays an active role in the production process is

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