Jamb Economics 2020 Past Questions and Answers

Question 11:

• JAMB 2020

If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?

A. 0.20
B. 0.80
C. 1.25
D. 2.00

Question 12:

• JAMB 2020

The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

A. Frictional
B. Cyclical
C. Residual
D. Hidden

Question 13:

• JAMB 2020

Collectivism refers to the management of state enterprises in a?

A. Mixed economy
B. Co-operative organizations
C. Capitalist economic system
D. Socialist economy

Question 14:

• JAMB 2020

Efficiency in production means?

A. Reducing the size of the work force
B. Producing a given output with the lowest cost of combination of factors of production
C. Adoption of capital intensive technology
D. Increasing the quantity of the fixed factors of production

Question 15:

• JAMB 2020

In economic life, the choice among alternatives depends on the?

A. Income of the decision maker
B. Scarcity of resources
C. The scale of preference of the decision-maker
D. Status of the decison maker