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Question 1 Economics II | JAMB/UTME Practice Questions
A
Whose quality is low  
B
Consumed by very poor people  
C
Whose consumption falls when consumers' income rises  
D
Which satisfy only the basic needs  
Explanation.
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Correct Option:
C
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Question 2 Economics II | JAMB/UTME Practice Questions
A
The same as equilibrium supply  
B
Greater than equilibrium supply  
C
Less than the equilibrium supply  
D
Determined later by government  
Explanation.
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Correct Option:
C
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Question 3 Economics II | JAMB/UTME Practice Questions
A
the death rate may become so high that people may not be able to produce  
B
population may outgrow the means of subsistence  
C
people will eventually decide not to have children  
D
migration of people from one place to another may leave some parts of the world barren  
Explanation.
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Correct Option:
B
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Question 4 Economics II | JAMB/UTME Practice Questions
A
They are not liable for the companies losses  
B
They control the management  
C
They greater voice in the electing board of the directors  
D
none of the above  
Explanation.
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Correct Option:
D
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Question 5 Economics II | JAMB/UTME Practice Questions
A
composite demand  
B
elastic demand  
C
derived demand  
D
competitive demand  
Explanation.
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Correct Option:
D
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Question 6 Economics II | JAMB/UTME Practice Questions
A
a change in real income  
B
changes in the technique of production  
C
a change of fashion or taste  
D
change in population  
Explanation.
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Correct Option:
B
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Question 7 Economics II | JAMB/UTME Practice Questions
A
a fall in income  
B
a rise in the price of a complement  
C
a change in taste against this commodity  
D
none of the above  
Explanation.
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Correct Option:
D
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Question 8 Economics II | JAMB/UTME Practice Questions
A
That a country is buying more than is selling  
B
That a country is selling more than is buying  
C
That a government is spending more than in takes in taxation  
D
That a government is spending as much as it takes in taxation  
Explanation.
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Correct Option:
C
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Question 10 Economics II | JAMB/UTME Practice Questions
A
Scale of production is limited by size of the market  
B
Expansion brings diminishing returns  
C
Large firms can carter for wide markets  
D
All of the above  
Explanation.
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Correct Option:
B
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