Jamb Economics 1990 Past Questions and Answers

Question 11:

• JAMB 1990

Technical progress that leads to a reduction in costs results in?

A. An increase in equilibrium price and quantity
B. A decrease in equilibrium price and quantity
C. An increase in equilibrium price and decrease in equilibrium quantity
D. A decrease in equilibrium price and increase in equilibrium quantity

Question 12:

• JAMB 1990

If an increase in income induces a reduction in the demand for beans, beans can be referred to as?

A. A normal good
B. An inferior good
C. A substitute good
D. A giffen good

Question 13:

• JAMB 1990

The demand for a product is said to be price inelastic if?

A. The price elasticity of demand is less than one
B. The price elasticity of demand is greater than one
C. A reduction in price results in increase in the quantity demanded
D. An increase in price results in a decrease in the quantity demanded

Question 14:

• JAMB 1990

An imperfect market in which there is only one buyer of a commodity is?

A. Monopsony
B. Oligopoly
C. Monoploy
D. Duopoly

Question 15:

• JAMB 1990

The tailoring services is competitive partly because it consists of a large number of?

A. Large-scale enterprises
B. Medium scale enterprises
C. Small scale enterprises
D. Government-owned enterprises