Jamb Economics 2017 Past Questions and Answers

Question 46:

• JAMB 2017

A firm owned and managed by a family is an example of ______?

A. Joint stock exchange
B. Cooperative society
C. Sole proprietorship
D. Partnership

Question 47:

• JAMB 2017

Which modal of the factor is inelastic?

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

Question 48:

• JAMB 2017

Which of the following budgets will increase government expenditure?

A. Zero base budget
B. Surplus budget
C. Deficit budget
D. Balanced policy

Question 49:

• JAMB 2017

The economic questions about what and how to produce in an economy is solely answered by the _______?

A. Government
B. Labour union
C. Private and public enterpriser
D. System of economy practised

Question 50:

• JAMB 2017

The following are Methods of measuring National Income of a country EXCEPT; ?

A. Expenditure method
B. Consumption method
C. Input Method
D. Output method