Elementary Theory Of Income Determination And Equilibrium National Income Jamb Economics Past Questions
Question 1
Full employment is a situation in which _______
- A. Every adult is employed.
- B. Only the disable are not employed.
- C. All adults who can work are employed.
- D. All those who are able and eligible can find employment
Question 2
Given that Y = C + 1, where C = 50 + 0.75 and 1 = N45m, what is the equilibrium level of income?
- A. N20m
- B. N380m
- C. N200m
- D. N180m
Question 3
Use the diagram above to answer this question. Points E6 and E5 are respectively equilibrium points for
- A. Do and So D o and S2
- B. D1 and S2; D2 and So
- C. D2 and S1;D2 and S2
- D. D2 and SoDo and S2
Question 4
If MPC = 2/3 and investment is N100 million, the level of national income is
- A. N100 million
- B. N10 million
- C. N303 million
- D. N300 million
Question 5
A valid explanation for real wage growth is
- A. an increase in the rate of productivity
- B. the rising cost of capital accumulation
- C. a contraction of emploment in service industries
- D. an increase in the quantity of labour
