Search SchoolNGR

Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

Which of the following is NOT illustrated by the production possibility curve

SchoolNGR Classroom

A Risk
B Scarcity
C Opportunity cost
D Allocative efficiency

View Answer & Explanation

Question 17:

Which of the following statement is TRUE about ECOWAS?

SchoolNGR Classroom

A The aim of ECOWAS is to ensure economic stability
B Bigger state in the community dominate the small state
C Members of the ECOWAS community can form cartel and create monopolies
D English is the only official language of ECOWAS

View Answer & Explanation

Question 18:

The equilibrium price clears the market; it is the price at which___________

SchoolNGR Classroom

A Everything is sold
B Buyers spend all their money
C Excess demand is zero
D None of the above

View Answer & Explanation

Question 19:

The graph above shows;

SchoolNGR Classroom

A A decrease in quantity supplied
B An increase in supply
C A decrease in supply
D An increase in quantity

View Answer & Explanation

Question 20:

Goods sold in perfectly competitive markets are generally

SchoolNGR Classroom

A Homogenous
B Intermediate and final
C Durable and non-durable
D Heterogeneous

View Answer & Explanation

Stay Updated

Follow us on:

Subjects