Elementary theory of income determination and equilibrium national income - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2016

The major characteristics of an undeveloped nation is

A. Over-dependence on foreign products
B. Dominance of the industrial sector
C. High per capita income
D. Efficient and sensitive financial sector

Question 3:

• JAMB 1999

National income at factor cost means national income at?

A. Current prices
B. Nominal prices
C. Last year prices
D. Base year prices