Jamb Economics Past Questions and Answers

Question 46:

• JAMB 2018

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

A. P - C
B. P + C
C. PC
D. P/C

Question 47:

• JAMB 2018

If wage rate is less than the average revenue product, the firms would be earning________

A. Loss
B. Super normal profit
C. Normal profit
D. Higher revenue

Question 48:

• JAMB 2018

The determination of wages in a labour market depends on the_______

A. Government
B. People
C. Interaction between demand and supply of labour
D. Economy

Question 49:

• JAMB 2018

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

A. Buyer
B. Seller
C. Government
D. Local authority

Question 50:

• JAMB 2018

A contractionary monetary policy is used to control__________

A. Deflation
B. Inflation
C. Recession
D. Balance of Payment deficit