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Economics Past Questions and Answers

Jamb Economics Questions

Question 41:

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

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A 15k, 13,000
B 20k, 17,500
C 13k, 20,000
D 18k, 18,000
E 18k, 15,000

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Question 42:

In this diagram, So So is the original supply curve while S₁ S₁ represent?

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A A movement along a give supply curve
B An increase in supply
C Decrease in supply
D A perfect elastic supply curve
E An abnormal supply curve

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Question 43:

From the above, the Growth Rate of Total National Output or GDP is

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A 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B 20.0%, i.e. (2 + 5 + 10 +3)%
C 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E Not obtainable

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Question 44:

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

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A Country I has absolute disadvantage in the production of both cocoa and cloth
B Country I has absolute advantage in the prodcttion of both cocoa and cloth
C Country ll has absolute advantage in the production of both cocoa and cloth
D Country ll has a comparative advantage in the production of cocoa
E Country ll should leave the production of both cocoa and cloth to country l.

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Question 45:

Which of the following statements does NOT describe a situation of perfect competition?

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A The firm faces an infinitely elastic demand curve
B The firm makes no pure profit in the short run
C The price does not change with changes in the output level of the firm
D There is freedom of entry into and exit out of , the industry
E The firm can sell all it produces at the market price

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