Jamb Economics 1981 Past Questions and Answers

Question 16:

• JAMB 1981

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

A. Industrialization
B. Export-promotion
C. Import-substitution
D. Export--substitution
E. Import-expansion

Question 17:

• JAMB 1981

Economics may be defined as?

A. The study of money and banking
B. The study of markets and prices
C. The study of production and distribution
D. The study of human behaviour in the allocation of scarce resources
E. The study of the employment of labour, land, and capital

Question 18:

• JAMB 1981

Elasticity of demand is given by

A. The prcentage change in quantity demanded divided by the corresponding percentage change in price
B. The percentage change in price divided by the corresponding percentage change in quantity demanded
C. The percentage change in quantity demanded divided by the corresponding price
D. The percentage change in price divided by the corresponding quantity demanded
E. None of the above

Question 19:

• JAMB 1981

If a commodity has many substitutes, it is most likely that?

A. The demand curve is fairly inelastic
B. The demand curve is fairly elastic
C. The demand curve is paraell to the quantity axis
D. The demand curve is positively sloped
E. The price of the commodity is too high

Question 20:

• JAMB 1981

Which of the following statement does NOT describe a situation of perfect competition.?

A. The firm faces an infinitely elastic demand curve
B. The firm makes no pure profit in the short run
C. The price does not change with changes in the output level of the firm
D. There is freedom of entry into, and exit out of the industry
E. The firm can sell all it produces at the market price