Economics Past Questions and Answers

Question 4776:

• JAMB 2023

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

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

Question 4777:

• JAMB 2023

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?

A. 1.14
B. 7.1
C. 14.1
D. 1.7

Question 4778:

• JAMB 2023

Macro focuses on the following units in an aggregative manner

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

Question 4779:

• JAMB 2023

Which of the following would not be a reason for a government to impose a quota on imports?

A. To support strategic industry
B. To prevent dumping
C. To decrease tax revenue
D. Employment oppourtunity

Question 4780:

• JAMB 2023

The economies of West African Countries depend majorly on

A. Primary product
B. Secondary product
C. Tertiary product
D. Manufacturing product