Jamb Economics 1981 Past Questions and Answers

Question 36:

• JAMB 1981

If the income of a consumer rises and his demand for good X falls, good X can be described as

A. A normal good
B. An adnoral good
C. A good with inelastic demand
D. A good with unitary elastic demand
E. None of the above

Question 37:

• JAMB 1981

Inflation is likely to benefit?

A. Persons with bank savings
B. Persons employed in financial houses
C. Debtors
D. Persons who lived on fixed pension funds
E. Creditors

Question 38:

• JAMB 1981

Which of the following is NOT a characteristic of perfect competition?

A. Many sellers and buyers in the markets
B. There is perfect knowledge
C. Supply and demand are equal
D. There is no advertising
E. Products are identical

Question 39:

• JAMB 1981

Opportunity cost is best defined as?

A. The penalty for not seizing golden opportunities
B. Sacrificed alternative (output, income etc.)
C. The cost of creating job opportunities
D. Payment made to an industrial worker
E. The difference between fixed and variable costs

Question 40:

• JAMB 1981

Progressive income tax can be expressed as

A. Tax that falls as income rises
B. Tax that rises as income falls
C. Tax that is independent of income
D. Tax that rises as income rises
E. Tax that is neutral to income