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Economics 2016 (Jamb)

1. If additional unit of a variable factor input causes a fall in the marginal product, this implies that

 
 
 
 

2. The major characteristic of an underdeveloped nation is

 
 
 
 

3. What effect would a change in price of a commodity have on its supply

 
 
 
 

4. One of the factors limiting the effectiveness of division of labour in the production process is the

 
 
 
 

5. Development plans fail in Nigeria mainly because of

 
 
 
 

6. The overall demand for crude oil for various uses is an example of

 
 
 
 

7.

From the graph above, P2 in price control situation is referred to as
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8. One of the problems facing the Nigerian oil and gas industry is

 
 
 
 

9. The demand curve faced by Monopolist is

 
 
 
 

10. The additional cost incurred by producing an additional unit of output is known as

 
 
 
 

11. One of the major uses of national income statistics in Nigeria is to

 
 
 
 

12. A country that is over-populated will face the problem of

 
 
 
 

13. Which of the following is NOT among the financial institutions in Nigeria

 
 
 
 

14. One of the factors that determine the supply of agricultural produce in Nigeria is

 
 
 
 

15. If Mr Wale took a loan for the purpose of investment, the demand for money is

 
 
 
 

16.

From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
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17. In the theory of consumer behaviour, a consumer is said to maximize utility when

 
 
 
 

18. Given 0.25, 1.25, 1.80, 1.10, 10.20, 10.15,and 1.55 determine the range

 
 
 
 

19. One of the important features of perfect competition is

 
 
 
 

20. The rate of interest charged on loans is determined by the

 
 
 
 

Question 1 of 20

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