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Thursday, 02 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 21:
JAMB 2010
An industry's supply curve is more likely to be elastic when firms are
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  • A Enjoying free entry and exit
  • B Operating at full capacity
  • C Operating below capacity
  • D Maximizing profits
View Answer & Explanation
Question 22:
JAMB 2010
One of the characteristics of monopolistic competition is that
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  • A There is mobility of factors of production
  • B No single seller dominates the market
  • C The firms are price-takers
  • D Consumers have perfect knowledge of price
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Question 23:
JAMB 2010
The demand curve for factors of production
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  • A Is perfect elastic
  • B Slopes upwards
  • C Slopes of downwards
  • D Is perfectly inelastic
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Question 24:
JAMB 2010
An agreement among firms on price and segmentation is termed
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  • A Cartel
  • B Collusion
  • C Haggling
  • D Specialization
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Question 25:
JAMB 2010
In national income accounting, tax is determined by the
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  • A Level of income
  • B Level of consumption
  • C Level of investment
  • D Rate of savings
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