Jamb Economics 2015 Past Questions and Answers

Question 51:

• JAMB 2015

The concentration of industries in a particular geographical area is

A. Localization of industries
B. Roles of industrialization
C. Location of industry
D. Strategies of industrialization

Question 52:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of quantity} & \text{Total utility} & \text{Marginal utility} \\
\hline
0 & - & - \\
\hline
1 & 10 & 10 \\
\hline
2 & 15 & 5 \\
\hline
3 & 17 & 2 \\
\hline
4 & 18 & 1 \\
\hline
5 & 18 & 0 \\
\end{array}\)
The table illustrate the law of

A. Admonishing returns
B. Increasing returns
C. Diminishing marginal utility
D. Increasing marginal utility

Question 53:

• JAMB 2015

All the following are the canons of taxation given by Adam Smith except

A. Objective
B. Economy
C. Convenience
D. Certainty

Question 54:

• JAMB 2015

Census can be classified as

A. Defacto and dejure
B. Increasing and decreasing
C. Over and under
D. Optimum

Question 55:

• JAMB 2015

A firm that charges the maximum price without attracting competition from new entrants is

A. Oil firms
B. Monopolistic competitive firm
C. Monopolistic firm
D. Perfectly competitive firm