2021 - JAMB Economics Past Questions and Answers - page 4
31
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________
A
Scarce
B
Normal
C
Superior.
D
Inferior
32
An economic problem arises when________
A
Sellers are few
B
Scarcity and choices are involved
C
Buyers are many
D
Money is in short supply
33
Which of these is not a cause of high population growth in Nigeria?
A
Improved hygiene
B
Reduction in death rate
C
Family planning unit of Nigeria
D
Increased birth rate
34
Inflation can be curbed by _______
A
Deficit budget
B
Paying higher wages
C
Increased aggregate demand
D
Reducing aggregate demand
35
A typical corporate form of business organization is owned by ______
A
Shareholders
B
A local government
C
The president of a country
D
Foreigners and citizens of the country.
36
The price mechanism______
A
Rations the consumers
B
Rewards the producers
C
Regulates supply and demand
D
Allocates scarce resources.
37
If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______
A
Progressive
B
Proportional
C
Indirect
D
Regressive
38
Which of these is not usually the function of a wholesaler?
A
Branding
B
Storage
C
Transport
D
Advertising
39
If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______
A
Zero
B
10
C
2
D
1
40
By utility we mean________
A
Uselessness
B
Power of satisfying a want
C
Beneficial
D
Consumable
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