2014 - JAMB Economics Past Questions and Answers - page 1
1
The choice of how to produce in a command economy is determined by
A
government
B
consumer
C
industrialists
D
labour unions
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2
In capitalist economies, questions about what to produce are ultimately answered by
A
income level of households
B
available technical skills in the economy
C
output decisions of firms
D
holding decision of households
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3
The best measure of dispersion to determine the tallest tree in a forest is
A
range
B
variance
C
standard deviation
D
mean deviation
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4
A change in demand for a normal goods implies that, there is a
A
change in the quantity demanded as price changes
B
shift in the demand curve
C
movement along a given demand curve
D
change in the price elasticity of demand
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5
If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is
A
unitary elastic
B
zero elastic
C
elastic
D
inelastic
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6
A rightward shift of the budget line is caused by a
A
fall in consumer income
B
change in consumer taste
C
fall in the commodity relative price
D
rise in the commodity relative price
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7
Given the supply function P = 1/4(Qs+10) when P = N10, what is Qs?
A
20
B
15
C
50
D
30
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8
When price is set below equilibrium, this will lead to
A
an increase in the quantity supplied
B
a new equilibrium
C
a decrease in the quantity supplied
D
a fall in price
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9
Price mechanism determines the prices of commodities through
A
auctioning
B
market forces
C
the sales of treasury bills
D
government legislation
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10
If the production of a large firm is higher than that of a small firm, it is experiencing.
A
external economies of scale
B
external diseconomies of scale
C
internal economies of scale
D
internal diseconomies of scale
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