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Economics Past Questions and Answers

Economics Questions

Question 886:
JAMB 1987
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
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  • A 65 units
  • B 40 units
  • C 30 units
  • D 20 units
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Question 887:
JAMB 1987
In which of the diagrams above, is the consumer surplus correctly shaded?
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  • A I
  • B II
  • C III
  • D IV
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Question 888:
JAMB 1988
Scarcity in economics means that?
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  • A Human wants are limitless
  • B The economy has very few resources
  • C The economy can scarcely produce anything
  • D Resources are limited in relation to wants
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Question 889:
JAMB 1988
Scarcity in economics means that?
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  • A Human wants are limitless
  • B The economy has very few resources
  • C The economy can scarcely produce anything
  • D Resources are limited in relation to wants
View Answer & Explanation
Question 890:
JAMB 1988
Economic is often described as a science because?
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  • A Laboratory experiments are performed
  • B It makes use of controlled experiments
  • C It uses scientific methods to explain observed phenomena and predict future events
  • D It makes use of field work
View Answer & Explanation

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