Economics Past Questions and Answers

Question 6 :

• JAMB 2019

The demand curve facing the monopolist in the foreign market is__________

A. Elastic
B. Inelastic
C. Perfectly elastic
D. Unitary

Question 7 :

• JAMB 2019

Supply is________

A. A stock
B. A Flow
C. Constant
D. A table

Question 8 :

• JAMB 2019

A rise in the supply of a commodity cause__________

A. An increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
B. An increase in both equilibrium
C. A decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
D. A decrease in both equilibrium

Question 9 :

• JAMB 2019

The method obtained by adding all the reward of factors of production in national income is________

A. Income approach
B. Expenditure approach
C. Value added method
D. Output approach

Question 10 :

• JAMB 2019

An economy in which the whole income is not consumed is referred to as______

A. Frugal economy
B. Spend thrift economy
C. Capitalist economy
D. Mixed economy