Search SchoolNGR

Economics Past Questions and Answers

Jamb Economics Questions

Question 36:

If the income of a consumer rises and his demand for good X falls, good X can be described as

SchoolNGR Classroom

A A normal good
B An adnoral good
C A good with inelastic demand
D A good with unitary elastic demand
E None of the above

View Answer & Explanation

Question 37:

Inflation is likely to benefit?

SchoolNGR Classroom

A Persons with bank savings
B Persons employed in financial houses
C Debtors
D Persons who lived on fixed pension funds
E Creditors

View Answer & Explanation

Question 38:

Which of the following is NOT a characteristic of perfect competition?

SchoolNGR Classroom

A Many sellers and buyers in the markets
B There is perfect knowledge
C Supply and demand are equal
D There is no advertising
E Products are identical

View Answer & Explanation

Question 39:

Opportunity cost is best defined as?

SchoolNGR Classroom

A The penalty for not seizing golden opportunities
B Sacrificed alternative (output, income etc.)
C The cost of creating job opportunities
D Payment made to an industrial worker
E The difference between fixed and variable costs

View Answer & Explanation

Question 40:

Progressive income tax can be expressed as

SchoolNGR Classroom

A Tax that falls as income rises
B Tax that rises as income falls
C Tax that is independent of income
D Tax that rises as income rises
E Tax that is neutral to income

View Answer & Explanation

Stay Updated

Follow us on:

Subjects