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Economics Past Questions and Answers

Jamb Economics Questions

Question 46:
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
  • A Price maker
  • B Price taker
  • C Price system
  • D Price competition
View Answer & Explanation
Question 47:
Which of the following business units can issue shares?
  • A Partnership
  • B Public limited liability company
  • C Sole proprietorship
  • D Central bank
View Answer & Explanation
Question 48:
Which of the following are examples of transfer payment
  • A Gift and donations
  • B Rents and rates
  • C Profit and dividends
  • D Internal and external debts
View Answer & Explanation
Question 49:
The technical relationship between the physical inputs and the physical outputs of a firm is
  • A Utility
  • B Cost
  • C Demand
  • D Production function
View Answer & Explanation
Question 50:
The income elasticity of demand of normal goods is
  • A Negative
  • B Positive
  • C Zero
  • D Fixed
View Answer & Explanation