2018 - JAMB Economics Past Questions and Answers - page 3

21

When elasticity is zero, the demand curve is_____________

A
circular
B
downward sloping
C
perfectly inelastic
D
concave
correct option: c
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22

Which of the following is not a direct tax?

A
capital gains tax
B
purchase tax
C
personal income tax
D
capital tax
correct option: b
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23

A limited liability company is owned by________________

A
a bank
B
an individual
C
two or more partners
D
share holders
correct option: d
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24

If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

A
0.50
B
0.40
C
1.25
D
0.80
correct option: a
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25

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

A
a decrease in profit by 43%
B
an increase in profit by 43%
C
a net loss
D
a net gain
correct option: a
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26

The money paid per hour for work done is_________

A
cost
B
salary
C
bonus
D
wage rate
correct option: d
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27

From the graph above the consumer will attain equilibrium at point_______________

A
J
B
K
C
M
D
L
correct option: b
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28

By utility we mean____________

A
beneficial
B
power of satisfying a want
C
advantageous
D
consumable
correct option: b
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29

Concentrating industries in one place is advantageous because there are gains in terms of_____________

A
cost economies
B
economies of scale
C
internal economies
D
external economies
correct option: b
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30

The effects on the demand for product A caused by a change in the price of product B is Called____________

A
Joint demand
B
cross-elasticity of demand
C
elasticity of supply
D
competitive demand
correct option: a
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