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Topic: Jamb CBT 17 May 2017 (Day 4) Answers Posted For Free
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Posted by At 6:40 am On May 17, 2017

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Econs7am weds
1 :- benefits of international trade include
CORRECT ANSWER =
large varieties of goods
2 :- from the diagram above how many students set for the examination
CORRECT ANSWER =
375
3 :- an oputward shift of the pff indicates thatt there is
CORRECT ANSWER =
improvement in technology
4 :- from the above determine the elasticity of demand
CORRECT ANSWER =
0.83
5 :- from the oinformation above determine the equillibrum price
CORRECT ANSWER =
4
6 :- one of the inmstrument used in money market is
CORRECT ANSWER =
treasury bills
7 :- in the theory of production when total product decrease the marginal product is
CORRECT ANSWER =
decreasing and negative
8 :- in nigeria the major problem of business enterprise is
CORRECT ANSWER =
inadequate capital
9 :- given that supply is an item increased by 30% sa result of a decrease in price of the good by 50%.what
is the nature of price elasticity of supply
CORRECT ANSWER =
inelastic
10 :- if a commodity is demanded for several npurposae the type of demand
CORRECT ANSWER =
composite demand
11 :- from the information above conditiojs necessary for rapid econmic development of a country include
CORRECT ANSWER =
I,ii and iv
12 :- the supply curve of a firm is the segment where
CORRECT ANSWER =
mg is above avc
13 :- from tye schedule above determine the average cost when output is 3
CORRECT ANSWER =
55.33
14 :- from thye information above featurers of a centrally pl,anned economy include
CORRECT ANSWER =
iii and v
15 :- a country is said to be underpopulated when the available
CORRECT ANSWER =
resources exceeds gthe number of people
16 :- high taxes on a commodity with the above elaasticty wil lead to
CORRECT ANSWER =
no change in quantity
17 :- one of the factors affecting efficiency of labour is
CORRECT ANSWER =
education and training
18 :- entrerpreneurship can be encouraged by government through
CORRECT ANSWER =
removal of tax concession
19 :- from the above determine the m,ode
CORRECT ANSWER =
12
20 :- the major function of price system is that
CORRECT ANSWER =
distributes scarce factor of production among computing needs
21 :- from the above inform,ation activities of the merchant bank include
CORRECT ANSWER =
I,iiand iii
22 :- the major objective of gthe eca is
CORRECT ANSWER =
to promote social and economic development of members
23 :- the concdentration of petrochemical industry in nigerdelta region of nigeria is an examople of
CORRECT ANSWER =
localisstion of industry
24 :- from the information above tertiary production includes
CORRECT ANSWER =
I,iv,andvi
25 :- in a partnership business the ordinary partner has
CORRECT ANSWER =
unlimited liability
26 :- from the table above at what level of consumption did utility set in
CORRECT ANSWER =
3
27 :- the system of mixeed econmy typically adopts a
CORRECT ANSWER =
state and private owned econmy
28 :- in national income accoiunting transfer payment includes
CORRECT ANSWER =
pension
29 :- which of the folowing formulae can be used to determine the net national product
CORRECT ANSWER =
gnp-depreciation
30 :- thye fiscal policy instrumenmt to control inflaton includes
CORRECT ANSWER =
surplus budgeting
31 :- one of the indicators of economic development is
CORRECT ANSWER =
technological advancement
32 :- a major factor limiting rapid industralization in nigeria is
CORRECT ANSWER =
inadequate skilled man power
33 :- from the irvin fisher equation above m represents
CORRECT ANSWER =
money stock
34 :- monopolistic competition is charcterised by
CORRECT ANSWER =
free entry and exit
35 :- with the level of money income a countumer maximises satisfaction from the consumption of gods
and services only when the
CORRECT ANSWER =
marginal utility derived per naira spent in the same for all goods and services
36 :- among the contribution of agriculture to econmic development of nigeria is
CORRECT ANSWER =
provision of raw materials for agro allied industry
37 :- the graph above represents a
CORRECT ANSWER =
fairly elastic supply curve
38 :- the cost push inflationary efect on prices of commodities is influenced by
CORRECT ANSWER =
cost of production of goods
39 :- the nigerian population policy faces the challenge of
CORRECT ANSWER =
distorted data
40 :- one of the problems faced by opec in achieving its objectives is
CORRECT ANSWER =
corruption and mismangement by officials

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