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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

A major limiting factor of mass production is

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A Efficient management
B Adequate labour supply
C Small size of the market
D Adequate supply of raw materials

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Question 12:

When elasticity is zero, demand curve is

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A Perfectly elastic
B Perfectly inelastic
C Down-ward sloping
D Upward sloping

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Question 13:

In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when

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A MUX = MUA
B MUX = PX
C PX = X
D PX = PY

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Question 14:

Which of the following could be used to measure the efficiency of labour?

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A Rate of inflation
B Input-output ratio
C Buying more machines
D Unemployment rate

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Question 15:

How can a firm benefit from external economies?

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A Increasing its expenditure on advertising
B Increasing the workforce
C Locating in an area in which the industry is already established
D Merging with another domestic firm engaged in the same industry

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