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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

Given that Qd = 40-2P and Qs = 6P+24. Calculate the equilibrium price.

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A 34
B 32
C 36
D 16

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Question 2:

From the table above, find the values of E and F respectively

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A 27 and 1
B 68 and 12
C 28 and 5
D 12 and 19

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Question 3:

From the table above, Calculate the price elasticity of supply

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A 0.50
B 0.80
C 2.00
D 1.25

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Question 4:

From the graph above, the consumer will attain equilibrium at point

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A J
B K
C L
D M

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Question 5:

The major determinant of the total volume of output in an economy is the

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A Level of total expenditure
B Composition of consumer spending
C Number of farmers
D Size of the labour force

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