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Economics Past Questions and Answers

Jamb Economics Questions

Question 71:

The decision to consume more of one product under normal circumstances will apply

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A Less of another product will be consumed
B More of another product will be consumed
C Less of the product will be consumed
D No other products will be consumed

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Question 72:

Identify one of the following which can NOT be used to close deflationary gap

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A Increased interest rate
B Increased money supply
C Increase government expenditure
D Reduction in taxes

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Question 73:

An increase in nominal income without increase in price will result to

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A Increased real income
B Increased GDP
C Decreased real income
D Decreased GNP

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Question 74:

If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?

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A 1.14
B 7.1
C 14.1
D 1.7

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Question 75:

Macro focuses on the following units in an aggregative manner

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A Household, firms, government, corporate sector and external sector
B Individual consumers, individual firms, government and external sector
C Government, household firms, individual consumers and external sector
D Individual consumers, household firms and manufacturing sector

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