Jamb Economics 1987 Past Questions and Answers

Question 46:

• JAMB 1987

Economic development is defined as?

A. Positive change plus growth
B. Avalibility of more goods and services
C. Outward shift of the production possibility curve
D. Growth in the national income

Question 47:

• JAMB 1987

In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?

A. The quantity supplied is infinitely elastic
B. When price is zero, the quantity supplied infinite
C. When price is infinite, the quantity supplied zero
D. The quantity supplied is definite

Question 48:

• JAMB 1987

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is

A. 75 units
B. 35 units
C. 7 units
D. Not determinable from the schedules except when graphed

Question 49:

• JAMB 1987

Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?

A. 65 units
B. 40 units
C. 30 units
D. 20 units

Question 50:

• JAMB 1987

In which of the diagrams above, is the consumer surplus correctly shaded?

A. I
B. II
C. III
D. IV