Jamb Economics 2023 Past Questions and Answers

Question 36:

• JAMB 2023

The part of income after tax that is not consumed is defined as

A. Wages and salaries
B. Saving
C. Capital investment
D. Nondurable goods expenditure

Question 37:

• JAMB 2023

An industry is

A. A group of firms producing differentiated products
B. A group of firms producing distinct commodities
C. A group of firms producing related goods
D. A group of firms producing unrelated goods

Question 38:

• JAMB 2023

The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is

A. Structural unemployment
B. Cyclical unemployment
C. Seasonal unemployment
D. Frictional unemployment

Question 39:

• JAMB 2023

The theory of ............... was propounded by ..................

A. Comparative advantage; Mercantilists
B. Absolute advantage; Adam Smith
C. Comparative advantage; Adam Smith
D. Absolute advantage; David Ricardo

Question 40:

• JAMB 2023

If a business' total economic cost of producing 10,000 units of a product is N750,000 and this output is sold to consumers for N1,000,000, then the firm would earn

A. A normal profit of N750,000
B. An economic profit of N750,000
C. A normal profit o N1,750,000
D. An economic profit of N250,000