Jamb Economics 1978 Past Questions and Answers

Question 1:

• JAMB 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these

Question 2:

• JAMB 1978

Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be

A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these

Question 3:

• JAMB 1978

A budget deficit means

A. That a country is buying more than is selling
B. That a country is selling more than is buying
C. That a government is spending more than in takes in taxation
D. That a government is spending less than it takes in taxation
E. That a government is spending as much as it takes in taxation

Question 4:

• JAMB 1978

When elasticity is zero, the demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Concave
D. Downward slopping
E. Circular

Question 5:

• JAMB 1978

The following is NOT a reason for the existence of small firms

A. Scale of production is limited by size of the market
B. Expansion brings diminishing returns
C. Large firms can carter for wide markets
D. Small firms can provide personal services
E. All of the above