Search SchoolNGR

Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

An exceptional demand curve can result from

SchoolNGR Classroom

A Increase in price of raw materials
B Increase in the size of the population
C Expectation of future price increase
D Change in taste of consumer

View Answer & Explanation

Question 12:

Palm oil and palm kernel are in

SchoolNGR Classroom

A Joint supply
B Competitive demand
C Competitive supply
D Complementary demand

View Answer & Explanation

Question 13:

A supply curve parallel to the X-axis indicates

SchoolNGR Classroom

A Fairly elastic supply
B Infinitely elastic supply
C Fairly inelastic supply
D Perfectly inelastic supply

View Answer & Explanation

Question 14:

If the marginal utility of commodity is equal to its price, then

SchoolNGR Classroom

A The consumer is in equilibrium
B More of the commodity can be consumed
C Total utility is also equal to its price
D The market is not in equilibrium

View Answer & Explanation

Question 15:

A price floor is usually fixed

SchoolNGR Classroom

A At the equilibrium and causes no shortage
B Above the equilibrium and causes shortage
C Below the equilibrium and causes surpluses
D Above the equilibrium and causes surpluses

View Answer & Explanation

Stay Updated

Follow us on:

Subjects