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Economics Past Questions and Answers

Jamb Economics Questions

Question 61:

In which situation is it likely that the demand for labour would be inelastic?

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A Labour and capital are close substitutes
B Labour costs are only a small proportion of total costs
C Demand for the final product that the labour produces is elastic
D A large quantity of unemployed labour is available in the economy

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Question 62:

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in

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A Paris, France
B Geneva, Switzerland
C Lagos, Nigeria
D Vienna, Austria

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Question 63:

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

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A The industry has many differentiated products
B The industry is characterized by rapid technological change
C The industry consist of large number of producers
D There are significant barriers to prevent firms entering the market

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Question 64:

A commercial bank can create money by

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A Issuing currency
B Increasing cash ratio
C Issuing cheque
D Lending to borrowers

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Question 65:

The source of all economic problems arises from

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A Wants
B Scarcity
C Opportunity Cost
D Scale of Preference

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