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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

A vertical supply curve indicates that?

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A The quantity supplied is responsive to price
B The same fixed quantity will be supplied no matter the price
C An increase in price will result in an increase in the quantity supplied
D There is a fixed price for the commodity below which no supply will be made

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Question 12:

In a demand curve, the relationship between price and quantity is?

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A Indeterminate
B Direct
C Nil
D Inverse

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Question 13:

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

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A 7.0
B 6.0
C 8.5
D 8.0

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Question 14:

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

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A Centrally planned economy
B Free market economy
C Developed economy
D Mixed economy

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Question 15:

A consumer's scale of preference is an arrangement of his?

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A Scarce resources in order of importance
B Needs in order of importance
C Sources of income and their importances
D Requirements and how to satisfy them

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