JAMB Economics 2001 Past Questions

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

In a free market economy, the price system allocates resources?

At the consumer equilibrium, the slope of the indifference curve is?

For a supply curve, an increase in the price of a commodity will result in?

A normal good with close substitutes is likely to have its price elasticity of demand?

Economics is regarded as a social science because it?

A change in supply is best described as a?

When a generalization is made based on observed facts, it is known as?

A major problem facing all economies is how to?

A vertical supply curve indicates that?

In a demand curve, the relationship between price and quantity is?

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

A consumer's scale of preference is an arrangement of his?

A firm's shut-down point is reach when the average revenue fails to cover the?

Internal economies of scale are expected to bring about?

In the long-run, a monopolist maximized his profit when the marginal cost equals?

The long run is a period during which a firm?

An important feature of perfect competition is that?

If government fixes price below the equilibrium price, what effect will it have on demand?

An imperfect market exist where?

A production function relates?

A major advantage of specialization and division of labour is that?

Which of the following is an example of a fixed cost?

In the agricultural sector, improved extension services facilitate?

A disadvantage of concentrating industries in an area is that it could?

The losses suffered by a sole proprietor are?

To facilitate the exportation of crude oil from Nigeria, special?

An industry is?

The raising of funds by selling stocks to the public is called?

A tax that increases at a higher percentage as income increase is called?

The price paid for labour services is the?

The capital market is a market for trading of financial assets such as?

In national income accounting, NNP is derived by subtracting from the GNP?

Economic growth can be accelerated through?

An increase in the discount rate is an indication of a central bank's intention to pursue?

The efficiency of labour can be increased by?

In Nigeria, revenue sharing from the federation Account is between the?

The reduction of high fertility rate is a measure in population control designed to make the?

National debts is an expected outcome of?

The distribution channel that contributes most to the cost of production is?

Money may not be accepted as a store of value if?

In order to accelerate economic development, a country must?

If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?

GNP is not a good measure of social welfare because there are unrecorded?

The loans from the World Bank to developing countries are mainly to support?

The major reason why nations engage in international trade is that?

A country with over-valued currency will?

The diagram shows the total utility curve. At the point M, marginal utility

The table above shows a demand schedule for eggs. What is the equilibrium price?