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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

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A An increase in profit by 43%
B A net gain
C A decrease in profit 43%
D A net loss

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Question 2:

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

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A An increase in profit by 43%
B A net gain
C A decrease in profit 43%
D A net loss

View Answer & Explanation

Question 3:

In a free market economy, the price system allocates resources?

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A Under government's directives
B To ensure general welfare
C To their best alternatives
D To reduce poverty

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Question 4:

At the consumer equilibrium, the slope of the indifference curve is?

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A Half the slope of the budget constraint line
B Equal to the slope of the budget constraint line
C Greater than the slope of the budget constraint line
D Less than the slope of the budget constraint line

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Question 5:

For a supply curve, an increase in the price of a commodity will result in?

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A A decrease in supply
B A decrease in the quantity supplied
C An increase in supply
D An increase in the quantity supplied

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