2012 - JAMB Economics Past Questions and Answers - page 1

A major disadvantage of a socialist economy is that

The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as

The sign of the slope of a graph in economic analysis is important because it

If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in

A rise in income will, ceteris paribus, bring about

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

Comparison of interpersonal utility is impossible because

When the slope of the total utility curve is declining, the marginal utility of a consumer will be increasing if he

The supply of cocoa is influenced by

If quantity supplied is constant irrespective of price changes, the supply elasticity is