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Wednesday, 08 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously
  • A Total utility must fall
  • B Marginal utility must fall
  • C Marginal utility may rise
  • D Marginal utility may fall even though his total utility may be rising
View Answer & Explanation
Question 17:
Which of the following rewards is associated with entrepreneurship
  • A Salaries
  • B Profits
  • C Interest
  • D Rent
View Answer & Explanation
Question 18:
Which of the following is likely to be inflationary
  • A Taxes increase
  • B Increase in unemployment
  • C Budget surplus
  • D Wages increase
View Answer & Explanation
Question 19:

The relationship between the tax rate and income which is relevant to progressive tax is shown by?
  • A Curve X
  • B Curve Y
  • C Curve Z
  • D Curve X and Z
View Answer & Explanation
Question 20:

The relationship between tax rate and income which is relevant to a proportional tax is depicted by?
  • A Curve Z and Y
  • B Curve X
  • C Curve Z
  • D Curve Y
View Answer & Explanation