Jamb 2001 Economics Past Questions And Answers
1
An industry is?
- A. company producing unrelated commodities
- B. group of firms producing related commodities
- C. group of firms producing distinct commodities
- D. firms producing differentiated commodities
2
In Nigeria, revenue sharing from the federation Account is between the?
- A. executive, the judiciary and the legislature
- B. federal and state governments and the parastatals
- C. federal and state governments and the senate
- D. federal, state and local governments
3
The raising of funds by selling stocks to the public is called?
- A. equity financing
- B. stock financing
- C. debt financing
- D. loan financing
4
Economic growth can be accelerated through?
- A. balancing of savings and consumption
- B. postponement of current consumption
- C. planned current consumption
- D. increased current consumption
5
Economics is regarded as a social science because it?
- A. adopts the scientific method in production
- B. is an agent of socialization
- C. adopts the scientific method in the study of human behaviour
- D. adopts the scientific method with social problems
6
A tax that increases at a higher percentage as income increase is called?
- A. a proportion tax
- B. a regressive tax
- C. a progressive tax
- D. an income tax
7
In a free market economy, the price system allocates resources?
- A. under government's directives
- B. to ensure general welfare
- C. to their best alternatives
- D. to reduce poverty
8
The capital market is a market for trading of financial assets such as?
- A. bankers' acceptances
- B. treasury bills
- C. long-term securities
- D. commercial papers
9
Which of the following is an example of a fixed cost?
- A. Fuel cost
- B. Electricity bill
- C. Rent on building
- D. Transportation cost
10
If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
- A. 0.4%
- B. 40.0%
- C. 10.0%
- D. 4.0%