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Economics Past Questions and Answers

Jamb Economics Questions

Question 61:

A consumer of a single commodity is in equilibrium when

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A He can equate his demand with price
B He equates marginal utility and price
C He can equate his marginal and total utilities
D His marginal utility is equal to zero

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Question 62:

If the government imposes a minimum price on a commodity

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A Market surplus occurs
B The market will be cleared in the short-run
C Excess demand occurs
D Government regulation is no longer needed

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Question 63:

A minimum price legislation is also called

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A Price ceiling
B Price floor
C Price control
D Price mechanism

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Question 64:

Which of the following factors is not a cause of diminishing returns?

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A Increase in variable inputs
B Land fragmentation
C Constant technology
D Technological innovations

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Question 65:

In manufacturing, division of labour may be hindered by

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A Excessive demand for the product
B Low level of technology
C Excess supply of labour
D Increase in the export of goods

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