Jamb Economics Past Questions and Answers

Question 71:

• JAMB 2018

The determination of price by bargaining between buyers and sellers is________

A. Sales by Auction
B. Tender
C. Higgling and Haggling
D. Price Control

Question 72:

• JAMB 2018

An economy system that uses what is regarded as the "Market mechanism" is called_______

A. Mixed economy
B. Socialism
C. Command economy
D. Capitalism

Question 73:

• JAMB 2018

The last link in the channel of distribution is____________

A. Producer
B. Retailer
C. Consumer
D. Wholesaler

Question 74:

• JAMB 2018

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

A. Marginal physical productivity
B. Marginal income productivity
C. Consumer's surplus
D. Economic rent

Question 75:

• JAMB 2018

The lands that belong to the community is referred to as__________

A. Sacred land
B. Individual land
C. Communal land
D. Rent land