Jamb Economics Past Questions and Answers

Question 76:

• JAMB 2018

Among the disadvantages of the one-man business is the fact that______

A. Its capital may not be increased without government permission
B. The proprietor is personally liable for the firm's debts
C. The proprietor is not able to obtain credit
D. The proprietor may not sue for bad debts

Question 77:

• JAMB 2018

The most reliable and acceptable index of economic growth is the__________

A. Wholesale Price Index
B. Consumer Price Index
C. National Income
D. Retailer's Price Index

Question 78:

• JAMB 2018

The release of a liquid petroleum hydrocarbon into the environment is_______

A. Oil glut
B. Oil spill
C. Oil shock
D. Oil wastage

Question 79:

• JAMB 2018

ECOWAS was formed for the purpose of________

A. Promoting co-operation and integration
B. To facilitate the expansion of international trade
C. To provide insurance
D. To insure new investment

Question 80:

• JAMB 2018

Price(₦)	Quantity Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______

A. -1.25
B. 0.62
C. 1.25
D. 1