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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

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A Substitute goods
B Complementary goods
C Elastic goods
D Inelastic goods
E Inferior goods

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Question 32:

An equilibrium price?

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A Keeps excess demand within limits
B Keeps excess supply within limits
C Generates the greatest possible demand and supply
D Generates the greatest possible profits
E Equates the quantity supplied to be equal to the quantity demanded.

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Question 33:

When a nation’s exports are greater than its imports

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A The net foreign trade is zero
B An unfavourable balance of payment exist
C A favourable balance of payment exists
D An un favourable balance of trade exist
E A favourable balance of trade exists

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Question 34:

unlimited liability means?

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A The government can tax a company without limit
B The debts of a company must be paid out of it assets
C A company ceases to exist at the death of one of its owners
D A firm must pay its debts from business as well as private funds
E None of the above

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Question 35:

One of the probable effects of an increased minimum wage in Nigeria is?

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A To create volunteer unemployment
B To decrease the wage rate
C To increase the level of unemployment
D To create involuntary unemployment
E To increase the demand for labour

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