Economics 2019 Jamb Examination
Economics 2019 Jamb Examination
Question 31
The lands that belong to the community is referred to as __________
Land owned collectively by a community rather than by individuals is known as communal land.
This form of ownership allows members of the community to use the land jointly, reflecting shared responsibility and traditional practices.
This form of ownership allows members of the community to use the land jointly, reflecting shared responsibility and traditional practices.
Not clear enough?
Question 32
Among the disadvantages of the one-man business is the fact that ______
In a sole proprietorship, the owner bears unlimited liability.
This means the proprietor is personally responsible for all debts of the business, putting personal assets at risk whenever the business incurs liabilities.
This means the proprietor is personally responsible for all debts of the business, putting personal assets at risk whenever the business incurs liabilities.
Not clear enough?
Question 33
The most reliable and acceptable index of economic growth is the __________
National income measures the total value of goods and services produced within an economy, making it a broad indicator of economic performance.
It reflects production, income generation, and overall economic activity, which are key markers of growth.
It reflects production, income generation, and overall economic activity, which are key markers of growth.
Not clear enough?
Question 34
The release of a liquid petroleum hydrocarbon into the environment is _______
An oil spill occurs when crude oil or refined petroleum escapes into the environment, usually due to accidents.
causes severe ecological damage, contaminates water bodies, and affects marine and human life.
causes severe ecological damage, contaminates water bodies, and affects marine and human life.
Not clear enough?
Question 35
ECOWAS was formed for the purpose of ________
The Economic Community of West African States (ECOWAS) was established to promote regional co-operation and integration.
Its objectives include harmonising economic policies, enhancing trade, and fostering unity among West African nations.
Its objectives include harmonising economic policies, enhancing trade, and fostering unity among West African nations.
Not clear enough?
Question 36
Economics is a social science concerned with the proper use and ______
Economics focuses on how scarce resources are allocated efficiently to satisfy human wants.
Resource allocation involves making choices that enhance growth, development, and optimal utilisation of available resources.
Resource allocation involves making choices that enhance growth, development, and optimal utilisation of available resources.
Not clear enough?
Question 37
The determination of price by bargaining between buyers and sellers is ________
Higgling and haggling describe a situation where buyers and sellers negotiate prices.
This bargaining process leads to a mutually acceptable price based on willingness to pay and willingness to sell.
This bargaining process leads to a mutually acceptable price based on willingness to pay and willingness to sell.
Not clear enough?
Question 38
An economy system that uses what is regarded as the "Market mechanism" is called _______
Capitalism relies on the market mechanism, where prices and resource allocation are determined by demand and supply.
Private ownership, competition, and profit motive are central features of capitalist economies.
Private ownership, competition, and profit motive are central features of capitalist economies.
Not clear enough?
Question 39
The last link in the channel of distribution is ____________
The consumer represents the final point in the distribution chain.
All activities in the distribution process ultimately aim to deliver goods to the consumer, who completes the flow by purchasing and using the product.
All activities in the distribution process ultimately aim to deliver goods to the consumer, who completes the flow by purchasing and using the product.
Not clear enough?
Question 40
John, an apprentice engineer and amateur trumpet player, was earning ₦30 per week before accepting full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as ________
Economic rent is the extra income earned above the minimum amount needed to keep a factor of production in its current use.
Since John previously earned ₦30, the additional ₦120 represents the surplus payment he now receives beyond his opportunity cost.
Since John previously earned ₦30, the additional ₦120 represents the surplus payment he now receives beyond his opportunity cost.
Not clear enough?
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