Jamb Economics 2017 Past Questions and Answers

Question 26:

• JAMB 2017

A country's terms of trade can be improved by ____?

A. Collective bargaining
B. Imposing lower export duties
C. Revelation of currency
D. Reducing demand for imported goods

Question 27:

• JAMB 2017

Changing the structure of a commodity in order to increase its utility is called?

A. Time utility
B. Form utility
C. Marginal utility
D. Place utility

Question 28:

• JAMB 2017

Which of the following is not an indicator of economic growth?

A. CPI
B. PPI
C. GDP
D. High Level of Unemployment

Question 29:

• JAMB 2017

One of the unique features that distinguishes the perfect and imperfect market condition is _________

A. Profit motive principles
B. Absence of price control board
C. Price determines production and distribution
D. Number of sellers and buyers

Question 30:

• JAMB 2017

In economics, the or input question refers to:

A. The problem of allocating scarce resources among competing uses
B. The way in which factors of production may be combined to produce output
C. The way in which a firm decides on its profit maximising rate of output
D. The problem of how output is distributed among individuals and groups in society.