Economics Past Questions and Answers

Question 1 :

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2 :

• JAMB 2019

If two commodities are unrelated, a change in the price of one will____________

A. Have effect on the quantity demanded of the other
B. Have no effect on the quantity demanded of the other
C. Increase the quantity demanded on the other
D. Decrease the quantity demanded on the other

Question 3 :

• JAMB 2019

Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______

A. -1.25
B. 0.62
C. 1.25
D. 1

Question 4 :

• JAMB 2019

In a perfect competition, the market price is determined by_______

A. The government
B. The producer
C. The consumer
D. The market supply and demand junctions

Question 5 :

• JAMB 2019

In the short-run, the monopoly makes_______

A. Normal profit
B. Abnormal Profit
C. Loss
D. Sales