2009 - JAMB Economics Past Questions and Answers - page 1
1
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
A
A bag only
B
A book and a bag
C
A shirit and a bag
D
A shirit only
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2
A typical feature of a market economy is that
A
all producers make profit
B
full employment exists
C
consumer sovereignty exists
D
there is equality of economic agents
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3
A cumulative frequency graph is
A
a histogram
B
an ogive
C
a bar chart
D
a pie chart
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4
The privatization exercise in Nigeria is a move towards a
A
mixed economy
B
subsistence economy
C
market economy
D
command economy
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5
A movement along the same demand curve is caused by the
A
price of the product
B
price of other products
C
income of the consumer
D
taste of the consumer
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6
The demand curve for a luxury goods is
A
negatively sloped
B
parallel to the price axis
C
parallel to the quantity axis
D
positively sloped
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7
A major assumption in cardinal utility theory is that
A
utility is measureable
B
utility is not measurable
C
total utility equals marginal utility
D
total utility is constant
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8
A supply curve is positively sloped because
A
supply always exceeds demand
B
demand always exceeds supply
C
price is an incentive to consumers
D
price is an incentive to producers
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9
The short-run supply curve for medical doctors is more likely to be
A
perfectly elastic
B
perfectly inelastic
C
fairly inelastic
D
fairly elastic
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10
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
A
0.80
B
1.25
C
2.00
D
10.00
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