Jamb Economics 2019 Past Questions and Answers

Question 71:

• JAMB 2019

As a factor of production, the reward for land is?

A. Profit
B. Interest
C. Rent
D. Wage

Question 72:

• JAMB 2019

The diagram below represents a production function. At which of the points does diminishing returns set in__________

A. R
B. S
C. T
D. V

Question 73:

• JAMB 2019

The two major types of international trade are Bilateral trade and?

A. Internal trade
B. Multilateral trade
C. Dilateral trade
D. Trilateral trade

Question 74:

• JAMB 2019

A country's budget allocation to various sectors of the economy is shown in the pie chart .

If the budget of the country was $7,200.00, how much is allocated to education?

A. $2,400.00
B. $2,000.00
C. $1,200.00
D. $1,000.00

Question 75:

• JAMB 2019

In a capitalist economy, factors of production are owned and controlled by the _____?

A. Citizen
B. Business Men
C. Government
D. Foreigners