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Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions

Question 2156:


In economic life, the choice among alternatives depends on the?

A. Income of the decision maker
B. Scarcity of resources
C. The scale of preference of the decision-maker
D. Status of the decison maker


Question 2157:


The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously

A. Total utility must fall
B. Marginal utility must fall
C. Marginal utility may rise
D. Marginal utility may fall even though his total utility may be rising


Question 2158:


Which of the following rewards is associated with entrepreneurship

A. Salaries
B. Profits
C. Interest
D. Rent


Question 2159:


Which of the following is likely to be inflationary

A. Taxes increase
B. Increase in unemployment
C. Budget surplus
D. Wages increase


Question 2160:



The relationship between the tax rate and income which is relevant to progressive tax is shown by?

A. Curve X
B. Curve Y
C. Curve Z
D. Curve X and Z






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