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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?

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A Both the price and the quantity fall
B The price rise and the quantity falls
C The price falls and the quantity rises
D Both the price and the quantity rise

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Question 17:

One factor which influences the slope of a non-linear demand curve for a commodity is the?

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A Price of the commodity
B Quantity of the commodity demanded
C Availability of substitutes
D Available of complements

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Question 18:

One of the characteristics of an imperfect market is?

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A A large number of buyers and sellers
B A lack of homogeneity of products
C An adequate awareness of market conditions by buyers and sellers
D The availability of substitutes

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Question 19:

Total revenue is always equal to?

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A Marginal revenue multiplied by the quantity sold
B Average revenue plus marginal revenue
C Marginal revenue multiplied by marginal cost
D Average revenue multiplied by the quantity sold

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Question 20:

If prices fall in a perfectly competitive industry, the firms in that industry in the short run will?

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A Not decrease in number
B Keep output at the same level but make losses
C Reduce production
D Intensity the advertisement of their products

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