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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

A demand curve slopes downwards because of ?

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A An increase inthe money income of the consumer
B A decrease inthe money income of the consumer
C The substitution effect and the rise in real income of the consumer
D The rise in demand for the complementary goods
E The increase in the demand for factors and production

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Question 17:

An imperfectly competitive market is one where?

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A A large number of firms sell homogenous products
B Input and output prices are unaffected
C Each firm faces aa horizontal demand curve
D Each firm maximize profit by selecting an output level at
E Commodities are differentiated

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Question 18:

In taxation, the benefit principle requires that?

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A Everybody must draw benefit from taxation
B All those who earn more income must pay more taxes
C Only those who derive benefit from services provided from public revenue should be taxed
D Taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
E Everybody pays an equal amount

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Question 19:

A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?

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A It is illegal price cutting
B Other competitors will be angry
C Total revenue will decline due to its elastic demand curve
D It is able to sell all it wants at the market price
E It does not maximize profit

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Question 20:

pricing and output decisions of sellers are highly interdependent in markets known as?

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A Oligopoly
B Perfect competition
C Monopoly
D Monopolistic competition
E Imperfect competititon

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