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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:
Which of the following is not emphasized in a product possibility curve?
  • A Scarcity of resources
  • B Economic development
  • C Inefficiency in the use of resources
  • D Unemployment of labour
View Answer & Explanation
Question 7:
Producers operating in a free market economy are more efficient as a result of
  • A The existence of competition
  • B The very few number of participants
  • C The commitment of the shareholders
  • D Government regulation of their activities
View Answer & Explanation
Question 8:
In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?
  • A 0.0045 million
  • B 4.5 million
  • C 1.25 million
  • D 16 million
View Answer & Explanation
Question 9:
A downward sloping demand curve means that
  • A Total revenue declines as price is lowered
  • B Demand falls as output increases
  • C Demand falls as output falls
  • D Price must be lowered to sell more
View Answer & Explanation
Question 10:
If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
  • A Substitutes
  • B Complements
  • C Inferior goods
  • D Bought together
View Answer & Explanation