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Economics Past Questions and Answers

Jamb Economics Questions

Question 26:

Which of the following is a major determinant of price elasticity of demand?

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A The price of the commodity
B Availability of factors of production
C The prices of factors of production
D Income of the consumers

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Question 27:

If Nigeria has comparative advantage over Ghana in producing cocoa, this means_________?

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A Nigeria produces cocoa more cheaply than Ghana
B Nigeria and Ghana produce at the same level
C Ghana produces cocoa more than Nigeria
D Nigeria produces more cocoa than Ghana

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Question 28:

One of the ways of improving the marketing of agricultural produce is by

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A Reviewing the land tenure system
B Ensuring even distribution of farm inputs
C Embarking on irrigation farming
D Establishing agricultural marketing boards

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Question 29:

The study of economics is necessary mainly because of

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A Unemployment
B Unlimited resources
C Scarcity of resources
D Overpopulation

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Question 30:

If Mr Wale took a loan for the purpose of investment, the demand for money is________________?

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A Precautionary motive
B Transactionary and Precautionary motive
C Speculative motive
D Speculative and Transactionary motives

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