Jamb Economics Past Questions and Answers

Question 2086:

• JAMB 2012

One of the functions of ECOWAS is to

A. Provide funds for infrastructural development
B. Determine prices of exports
C. Redistribute income among citizens
D. Provide employment for citizens of member nations

Question 2087:

• JAMB 2012

The reward on machinery and equipment in the process of production is known as

A. Profit
B. Interest
C. Rent
D. Wages

Question 2088:

• JAMB 2012

The percentage contribution of Agricultural sector is

A. 67.5
B. 40.0
C. 32.4
D. 25.0

Question 2089:

• JAMB 2012

If the GDP is N60 billion, what is the difference between the contributions of oil and manufacturing sectors?

A. N11.7 billion
B. N13.3 billion
C. N21.7 billion
D. N26.6 billion

Question 2090:

• JAMB 2012

From the above, calculate the price elasticity of demand

A. 5.0
B. 2.0
C. 1.0
D. 0.5