2019 - JAMB Economics Past Questions and Answers - page 1
1
A demand which gives rise to the reverse of the law of demand is__________
A
Derived demand
B
Joint demand
C
Abnormal demand
D
Composite demand
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2
If two commodities are unrelated, a change in the price of one will____________
A
have effect on the quantity demanded of the other
B
have no effect on the quantity demanded of the other
C
increase the quantity demanded on the other
D
decrease the quantity demanded on the other
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3
| Price (₦) | Quantity Demanded |
| 8 | 10 |
| 6 | 12 |
If we move from 8 to 6, the elasticity of demand is_______
A
-1.25
B
0.62
C
1.25
D
1
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4
In a perfect competition, the market price is determined by_______
A
the government
B
the producer
C
the consumer
D
the market supply and demand junctions
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5
In the short-run, the monopoly makes_______
A
Normal profit
B
Abnormal Profit
C
Loss
D
Sales
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6
The demand curve facing the monopolist in the foreign market is__________
A
Elastic
B
Inelastic
C
Perfectly elastic
D
Unitary
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7
Supply is________
A
A stock
B
A Flow
C
Constant
D
A table
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8
A rise in the supply of a commodity cause__________
A
an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
B
an increase in both equilibrium
C
a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
D
a decrease in both equilibrium
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9
The method obtained by adding all the reward of factors of production in national income is________
A
income approach
B
expenditure approach
C
value added method
D
output approach
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10
An economy in which the whole income is not consumed is referred to as______
A
Frugal economy
B
Spend thrift economy
C
Capitalist economy
D
Mixed economy
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