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Economics Past Questions and Answers

Jamb Economics Questions

Question 21:

If government fixes price below the equilibrium price, what effect will it have on demand?

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A Quantity demanded and supplied will be equal
B Quantity supplied will be greater than quantity demanded
C Quantity demanded will increase
D Quantity demanded will decrease

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Question 22:

An imperfect market exist where?

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A The product is homogenous
B There is perfect information among sellers
C Both buyers and sellers have free entry into and free exits from the market
D The location of some sellers gives them an advantage over others

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Question 23:

A production function relates?

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A Cost to output
B Wages to profit
C Cost to input
D Output to input

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Question 24:

A major advantage of specialization and division of labour is that?

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A Time wastage will be minimized
B Trade unions will be encouraged
C There will be a ready market for labour
D Workers will be adequately rewarded

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Question 25:

Which of the following is an example of a fixed cost?

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A Fuel cost
B Electricity bill
C Rent on building
D Transportation cost

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