2002 - JAMB Economics Past Questions and Answers - page 1
1
The elasticity of supply of perishable goods is?
A
unitary
B
inelastic
C
zero
D
elastic
correct option: d
Users' Answers & Comments2
The demand for factors of production is an example of?
A
joint demand
B
competitive demand
C
derived demand
D
composite demand
correct option: c
Users' Answers & Comments3
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
A
the ruler
B
the exercise book
C
N25.00
D
18.00
correct option: a
Users' Answers & Comments4
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
A
consumers are willing to pay higher prices
B
supply is facing competition
C
other factors than price have changed
D
price has changed
correct option: c
Users' Answers & Comments5
One of the reason for an exceptional demand curve is the?
A
expectation of a future change in price
B
availability of credit facilities
C
change in the price of the commodity
D
availability of substitutes
correct option: a
Users' Answers & Comments6
A scientific approach in economic analysis entails?
A
a deductive method only
B
both inductive and normative methods
C
a normative method only
D
both inductive and deductive methods
correct option: b
Users' Answers & Comments7
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
A
average profit
B
state command
C
average cost
D
relative prices
correct option: c
Users' Answers & Comments8
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
A
competitve
B
composite
C
supplementary
D
complementary
correct option: d
Users' Answers & Comments9
The stock exchange is a market for the buying and selling of?
A
monetary instruments
B
new shares
C
existing shares
D
treasury bills
correct option: c
Users' Answers & Comments10
National Income estimates can be used to?
A
differentiate between the rich and the poor in a country
B
prepare a country's annual budget
C
protect the level of a country's economic develompent
D
compare a country's growth rate with that of another over a period of time
correct option: d
Users' Answers & Comments