2008 - JAMB Economics Past Questions & Answers - page 1

1
The deregulation of telecommunication services in Nigeria is a characteristic of
A
command economy
B
traditional economy
C
market economy
D
feudal economy
CORRECT OPTION: c
2
The production possibility curve can be used to explain the underlying concepts of
A
scale of preference and choice
B
opportunity cost and choice
C
wants and means
D
opportunity cost and scale of preference
CORRECT OPTION: b
3
If the increase in the price of yams is used to estimate the inflation rate, this is an example of
A
deductive reasoning
B
inductive reasoning
C
normative reasoning
D
positive reasoning
CORRECT OPTION: b
4
If the standard deviation of a given data is 8.2, find its variance
A
4.1
B
67.2
C
82.0
D
91.8
CORRECT OPTION: b
5
If 100 units and units of commodity X are supplied at N80 at different times, it means that there is
A
a change in supply
B
a change in the quantity supplied
C
an increase in the quantity supplied
D
a increase in the quantity supplied
CORRECT OPTION: b
6
A major determinant of the demand for a luxury goods is
A
the price of the goods
B
the price of other goods
C
the income of consumers
D
tastes and fashion
CORRECT OPTION: a
7
If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand
A
0.5
B
1.2
C
2.5
D
4.0
CORRECT OPTION: a
8
If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
A
elastic
B
perfectliy inelastic
C
inelastic
D
perfect elastic
CORRECT OPTION: c
9
As long as marginal utility is positive, total utility must be
A
negative
B
increasing
C
zero
D
decreasing
CORRECT OPTION: b
10
Diminishing marginal utility implies that
A
total utility decreases as consumption increases
B
marginal utility increases as consumption increases
C
marginal utility deceases as consumption increase
D
marginal utility decreases as consumption decreases
CORRECT OPTION: c
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