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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:

The determinants of elasticity include?

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A Price, time and availability of alternatives
B Technology and cost of production
C Time and availability of alternatives
D Price, time and technology changes

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Question 7:

A capitalist economy is one characterized by the?

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A Private ownership of factors of production
B Ownership of factors of production by rich members of the society
C Use of capital and labour in fixed proportions during production
D Use of capital intensive methods of production

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Question 8:

In a planned economy, what shall be produced is determined primarily by?

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A What the consumer wants
B Government decisions
C Price mechanism
D The pattern of consumer spending

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Question 9:

A utility maximizing household will allocate its expenditure so that?

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A More naira is spent on commodities with the highest utility
B Less naira is spent on commodities with the lowest utility
C The utility of the last naira spent on each commodity is equal
D The amount spent on each commodity is equal

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Question 10:

The downward sloping part of the long-run average cost curve of a firm may be attributable to?

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A Diminishing returns
B The law of variable proportions
C Diseconomies of scale
D Increasing returns to scale

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