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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

A tariff is a tax imposed on

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A Consumer goods
B Domestic goods
C Imported goods
D Exported goods

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Question 32:

Which of the following is an example of free good?

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A Free education
B Water in the ocean
C Dinner you did not pay for
D Your rented apartment

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Question 33:

The marginal propensity to consume is

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A Options A, B and C
B ΔC/ΔY
C The slope of the consumption function
D Coefficient c in the equation C = C + cYd

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Question 34:

The short run can be defined as the period of time during which

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A All inputs are fixed
B At least one of the firm's input is fixed
C At least two inputs are fixed
D All inputs are variable

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Question 35:

The "velocity" of money is

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A The real money supply divided by the real GDP
B The money supply multiplied by the price level
C The money supply divided by the price level
D The ratio of real GDP to the real money supply

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