2002 - JAMB Economics Past Questions & Answers - page 1

1
The elasticity of supply of perishable goods is?
A
unitary
B
inelastic
C
zero
D
elastic
CORRECT OPTION: d
2
The demand for factors of production is an example of?
A
joint demand
B
competitive demand
C
derived demand
D
composite demand
CORRECT OPTION: c
3
A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?
A
the ruler
B
the exercise book
C
N25.00
D
18.00
CORRECT OPTION: a
4
A shift in supply curve indicates that a different quantity will be supplied at each possible price because?
A
consumers are willing to pay higher prices
B
supply is facing competition
C
other factors than price have changed
D
price has changed
CORRECT OPTION: c
5
One of the reason for an exceptional demand curve is the?
A
expectation of a future change in price
B
availability of credit facilities
C
change in the price of the commodity
D
availability of substitutes
CORRECT OPTION: a
6
A scientific approach in economic analysis entails?
A
a deductive method only
B
both inductive and normative methods
C
a normative method only
D
both inductive and deductive methods
CORRECT OPTION: b
7
In a centrally planned economy, the economic problem of deciding what to produce is dependent on?
A
average profit
B
state command
C
average cost
D
relative prices
CORRECT OPTION: c
8
The solution to the problem of double coincidence of wants requires a buyer and seller whose demands are precisely?
A
competitve
B
composite
C
supplementary
D
complementary
CORRECT OPTION: d
9
The stock exchange is a market for the buying and selling of?
A
monetary instruments
B
new shares
C
existing shares
D
treasury bills
CORRECT OPTION: c
10
National Income estimates can be used to?
A
differentiate between the rich and the poor in a country
B
prepare a country's annual budget
C
protect the level of a country's economic develompent
D
compare a country's growth rate with that of another over a period of time
CORRECT OPTION: d
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