JAMB Economics 2001 past questions

If the pice elasticity of demand for a good isO.43, an increase in the price of the good will result in ;

If goods P and Q are purchased by a consumer, a fall in the price of P with the price of Q unchanged will cause the budget line to

In a free market economy the price system allocates resources

One of the reasons for an exceptional demand curve is the

At consumer equilibrium, the slope of the indifference curve is

The elasticity of supply of perishable goods is

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

Children 40% 25% Men 35% Women In the pie chart above, the percentage for children is equivalent to

Economics is regarded as a social science because it

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

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

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

Internal economies of scale are expected to bring about

In the long- run a monopolist maximizes 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 exists-;here

The table below shows demand schedule for eggs. Price per Qty demanded Qty. supplied dozen (#) (in dozen) (in dozen) [PAGE 61] What is the equilibrium price?

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

In the agricultural sector, improved extension services facilitate

The losses suffered by a sole proprietor are

To facilitate the exportation of crude oil from Nigeria. special

An industry is a

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

The price paid for labour services is the

The capital market is a market for tnKJin:9(:" 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 Banks intention to pursue

The efficiency of labour can be. increased by

In Nigeria, revenue sharing from the Federation accou.nt is between the

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

National debt is an expected outcome of a

The distribution channel that contributes most to the cost of productfon is

Money may not be accepted as a store of value if

An aspect of taxation that involves normative economics is the

Public, debt is composed of

If the laboul 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

If the United Kingdom buys gold for £ 60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?

The major reason why nations engage in international trade is that

Being a member of the OPEC, Nigeria is in a favourable position to