2016 - JAMB Economics Past Questions and Answers - page 4
31
What effect would a change in price of a commodity have on its supply?
A
An increase in supply
B
No change in supply
C
A decrease in supply
D
A change in the quantity supplied
correct option: d
Users' Answers & Comments32
All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?
A
An indifference curve
B
An exceptional demand curve
C
A budget line
D
An isoquant map
correct option: a
Users' Answers & Comments33
Which of the following is a major determinant of price elasticity of demand?
A
The price of the commodity
B
Availability of factors of production
C
The prices of factors of production
D
Income of the consumers
correct option: d
Users' Answers & Comments34
If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?
A
Nigeria produces cocoa more cheaply than Ghana
B
Nigeria and Ghana produce at the same level
C
Ghana produces cocoa more than Nigeria
D
Nigeria produces more cocoa than Ghana
correct option: d
Users' Answers & Comments35
One of the ways of improving the marketing of agricultural produce is by
A
Reviewing the land tenure system
B
Ensuring even distribution of farm inputs
C
Embarking on irrigation farming
D
Establishing agricultural marketing boards
correct option: d
Users' Answers & Comments36
The study of economics is necessary mainly because of
A
Unemployment
B
Unlimited resources
C
Scarcity of resources
D
Overpopulation
correct option: c
Users' Answers & Comments37
If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?
A
2.00
B
0.50
C
1.50
D
1.00
correct option: b
Users' Answers & Comments38
Which of the following is NOT a source of government revenue?
A
Taxes, Fees, licenses and fines
B
Personal income, disposable income and transfer earnings
C
Interest, dividends, profits and earnings
D
Grants, aids and borrowing
correct option: b
Users' Answers & Comments39
Public limited liability companies are owned by__________?
A
The federal government
B
Private and individual organizations
C
The state government
D
The federal and state governments
correct option: b
Users' Answers & Comments40
The type of inflation that emanates from excess demand overs supply is___________?
A
Galloping inflation
B
Imported inflation
C
Demand-pull inflation
D
Cost-push inflation
correct option: c
Users' Answers & Comments