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
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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
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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
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34

Inflation can be curbed by _______

A
Deficit budget
B
Paying higher wages
C
Increased aggregate demand
D
Reducing aggregate demand
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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.
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36

The price mechanism______

A
Rations the consumers
B
Rewards the producers
C
Regulates supply and demand
D
Allocates scarce resources.
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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
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38

Which of these is not usually the function of a wholesaler?

A
Branding
B
Storage
C
Transport
D
Advertising
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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
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40

By utility we mean________

A
Uselessness
B
Power of satisfying a want
C
Beneficial
D
Consumable
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