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Economics Past Questions and Answers

Economics Questions

Question 2011:
JAMB 2012
The cost elasticity of supply is a useful instrument for measuring
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  • A Profit
  • B Productivity
  • C National income
  • D Price index
View Answer & Explanation
Question 2012:
JAMB 2012
The invisible hand promotes the interests of
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  • A Consumers
  • B Society
  • C Government
  • D Producers
View Answer & Explanation
Question 2013:
JAMB 2012
Fixing price above equilibrium will cause
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  • A Demand and supply to remain constant
  • B An increase in quantity supplied
  • C An increase in supply
  • D A decrease in quantity supplied
View Answer & Explanation
Question 2014:
JAMB 2012
An important function of the price system is to
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  • A Ensure that producers' profits remain high
  • B Guarantee full employment of resources
  • C Allocate resources to most productive uses
  • D Protect the economic interests of government
View Answer & Explanation
Question 2015:
JAMB 2012
If all factors are variable in the long run,firms will experience
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  • A Decreasing returns to scale
  • B Increasing returns to scale
  • C Diminishing returns
  • D Economies of scale
View Answer & Explanation

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