Jamb Economics 2021 Past Questions and Answers

Question 36:

• JAMB 2021

In a sole proprietorship, the decisions are made by the ____________

A. Government
B. Management
C. Owner
D. Board of Directors

Question 37:

• JAMB 2021

A firm is at its optimum size when ____________

A. It has a motive to increase output
B. It produces the greatest output at a minimum cost
C. Marginal cost equals marginal revenue
D. Marginal cost is less than marginal revenue

Question 38:

• JAMB 2021

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ____________

A. 100 days
B. 30 days
C. 90 days
D. 14 days

Question 39:

• JAMB 2021

The petro-chemical industries are located in Rivers State of Nigeria due to ____________

A. Coal deposit
B. Palm oil products
C. Favourable soil
D. Oil deposits

Question 40:

• JAMB 2021

Units of Quality Consumes	Total Utility	Marginal Utility
012345	-1015171818	-105210

This table illustrates the law of ____________

A. Increasing returns
B. Diminishing returns
C. Diminishing marginal utility
D. Increasing total utility