Jamb 2007 Economics Past Questions And Answers
1
An upward review of the retirement age will affect the
- A. wage rate
- B. demand for labour
- C. supply of labour
- D. tax rate
2
An advantage of electronic banking is that it
- A. Enables many customers to operate joint accounts
- B. Reduces risk of bank fraud
- C. Enables a customer to operate many accounts from different locations
- D. Enables a customer to operate his account from different locations
3
The labour force of a country best describes
- A. the number of people in paid employment
- B. the number of people receiving pension
- C. people within the retirement age
- D. people within the working age
4
The term ceteris paribus implies that
- A. Resources are scarce
- B. Human problems can be solved
- C. Human beings are unpredictable
- D. All factors are fully utilized
5
A commodity is described as inferior when the
- A. income effect is negative
- B. income effect is positive
- C. substitution effect is negative
- D. substitution effect is positive
6
The price per unit of a commodity to a buyer is the same as the
- A. Normal profit of the seller
- B. Average revenue of the seller
- C. Marginal cost of the commodity
- D. Marginal revenue of the seller
7
The range is used to
- A. estimate the mean from grouped data
- B. calculate the standard deviation
- C. determine the spread of a set of data
- D. measure the difference between the mean and the mode
8
A firm incurs short-run costs when
- A. It cannot increase prices
- B. Operation is at its later stages
- C. Operation is at its early stages
- D. Some inputs cannot be varied
9
Environmental degradation is more associated with
- A. localization of industries
- B. location of industries
- C. decreased urbanization
- D. urban-rural migration
10
The non-bank financial institutions that are entrusted with workers contributions towards retirements are
- A. Mortgage institutions
- B. Investment companies
- C. Pension funds custodians
- D. Pension funds administrators