Jamb Economics 2015 Past Questions and Answers

Question 66:

• JAMB 2015

The law of variable proportions is also known as

A. Law of demand
B. Law of diminishing returns
C. Law of diminishing marginal utility
D. Law of returns to scale

Question 67:

• JAMB 2015

All the following are problems identified with agriculture in West Africa except

A. Land tenure system
B. Ignorance of the farmers
C. Use of crude implement
D. Provision of food for the teeming population

Question 68:

• JAMB 2015

Revenue can be expressed as

A. Total Profit made after sales
B. Amount of goods produced
C. Total money realized from sales
D. Amount spent on purchases

Question 69:

• JAMB 2015

All the following are factors that would bring about a change in supply except

A. Level of technology
B. Government policy
C. Entry of new firms
D. Price of the commodity

Question 70:

• JAMB 2015

The combination of two commodities each yielding the same level of satisfaction to the consumer is

A. Consumer surplus
B. Indifference curve
C. Budget constant
D. Goods of necessity