# 2003 - JAMB Economics Past Questions and Answers - page 1

1
When two variables are positively related, the graph of the relationship?
A
is a downward-sloping curve
B
has a negative intercept
C
is a straight line
D
is an upward-sloping curve
correct option: d
2
For an inferior good, a decreased in real income will lead to?
A
a lower equilibrium price
B
a change in quantity demanded
C
an outward shift of the demand curve
D
an inward shift of the demand curve
correct option: c
3
In economic analysis, a statement is said to be normative if it?
A
relates to value judgement
B
is incorrect
C
can be tested scientifically
D
correct option: a
4
Utility is the satisfaction derived from?
A
demand
B
production
C
distribution
D
consumption
correct option: d
5
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is
A
perfectly inelastic
B
fairly inelastic
C
perfectly elastic
D
fairly elastic
correct option: b
6
If there is an increase in demand without a corresponding increase in supply, there will be a
A
rise in price
B
shift in demand curve to the left
C
fall in price
D
shift in supply curve to the right
correct option: a
7
In a planned economy, the emphasis is on
A
public ownership and control
B
prices and competition
C
individual choices and decisions
D
private ownership and control
correct option: a
8
$$\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \ \hline 20 & 60 & 100 \ \hline 30 & 60 & 120 \ \hline 40 & 60 & 130 \ \hline 50 & 60 & 135 \ \hline 60 & 60 & 150 \ \hline 70 & 60 & 170 \ \hline 80 & 60 & 190\end{array}$$

At 60 units of output, the AVC is
A
₦2.50
B
₦1.50
C
₦90.00
D
₦150.00
correct option: b
9
$$\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \ \hline 20 & 60 & 100 \ \hline 30 & 60 & 120 \ \hline 40 & 60 & 130 \ \hline 50 & 60 & 135 \ \hline 60 & 60 & 150 \ \hline 70 & 60 & 170 \ \hline 80 & 60 & 190\end{array}$$

Using the table above. The ATC at 30 units of output is
A
₦3.00
B
₦4.00
C
₦60.00
D
₦120.00
correct option: b