Jamb Economics 1983 Past Questions and Answers

Question 41:

• JAMB 1983

NEPA as a public corporation is?

A. A power generating industry in Nigeria
B. Organized in a perfect competitive market
C. A duopoly
D. A monopolistically competitive industry
E. A monopoly

Question 42:

• JAMB 1983

When demand is elastic, it means that consumers

A. React more proportionately to price change
B. Are not sensitive to price changed
C. Will stop buying when price increases
D. React less proportionately to price change
E. React equally to price change

Question 43:

• JAMB 1983

Full employment is a situation in which?

A. Every adult is employed
B. All adults who can work are employed
C. All person who attained the age of 15 and above are employed
D. Only the disabled are not employed
E. All those who are able and eligible can find employment

Question 44:

• JAMB 1983

Demand for a factor of production is?

A. A composite demand
B. A joint demand
C. A derived demand
D. An elastic demand
E. Cross-elasticity of demand

Question 45:

• JAMB 1983

Differentiated product is the characteristic feature of?

A. Perfect competition
B. Pure competition
C. Monopolistic competition
D. Monopoly
E. Oligopoly