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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:

Specialization often improves economic performance because it?

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A Permits exploitation of economies of scale
B Incorporates external economies
C Is based on the law of variable proportions
D Allocates resources according to absolute advantage

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Question 7:

Which of the following statements best describes the relationship between average product and marginal products?

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A Marginal product and average product curves rise and falls together
B Marginal product equals average product at the minimum point of the latter
C Average product curve will rise as product is greater than average product
D Marginal product at the maximum point of the fomer

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Question 8:

When a firm is reaping economies of large-scale production, it experiences a fall in its?

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A Long-run marginal cost
B Long-run average cost
C Long-run total cost
D Short-run marginal cost

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Question 9:

If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?

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A Normal
B Elastic
C Inelastic
D Abnormal

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Question 10:

Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?

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A 0.25
B 0.40
C 4.00
D 25.00

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