# 2013 - JAMB Economics Past Questions & Answers - page 1

1
If P = $$\frac{1}{4}$$(Qs + 10). What is the quantity supplied at N14?
A
14
B
60
C
46
D
32
CORRECT OPTION: c
P = $$\frac{1}{4}$$(Qs + 10)
14 = $$\frac{\text{Qs + 10}}{4}$$
56 = Qs + 10
56 - 10 = Qs
Qs = 46
2
The profit of a monopolist can be eliminated where price equals
A
AFC
B
MC
C
AC
D
AVC
CORRECT OPTION: a
3
An economy in which both the public and private sectors contribute to economic growth is as
A
feudal economy
B
capitalist economy
C
socialist economy
D
mixed economy
CORRECT OPTION: d
4
If the standard deviation of a given data is 53, what is the variance?
A
2082
B
2809
C
2808
D
2209
CORRECT OPTION: b
5
Which of the following set of statistical tools is used for further economic analysis?
A
the median and standard deviation
B
the mean and mode
C
the mean and standard deviation
D
the mode and median
CORRECT OPTION: b
6
An advantage of the range as a measure of dispersion is that it
A
can be used to calculate open-ended distribution
B
make use of all values of observations in a distribution
C
takes all values into consideration
D
is useful for further statistical calculation
CORRECT OPTION: a
7
Find the median of the following set of data 35,10,14,38,15,18,22,30 and 28
A
10
B
38
C
35
D
22
CORRECT OPTION: d
8
An increase in demand without a corresponding change in supply will lead to
A
a decrease in equilirium price and increase in equilibrium quantity
B
an increase in equilibrium price and quantity
C
a decrease in equilibrium price and quantity
D
an increase in equilibrium price and a decrease in equilibrium quantity
CORRECT OPTION: b
9
An increase in the price of a commodity will result in
A
a decrease in the quantity demanded
B
an increase in demand
C
an increase in quantity demanded
D
a decrease in demand
CORRECT OPTION: a
10
If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is
A
66.7
B
0.5
C
1.5
D
2.0
CORRECT OPTION: d
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