Jamb Economics 1991 Past Questions and Answers

Question 11:

• JAMB 1991

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?

A. 1.25
B. 0.80
C. 0.50
D. 0.40

Question 12:

• JAMB 1991

If a society is operating on the production possibility curve, this implies that the resources are?

A. Fully and efficiently utilized
B. Fully but inefficiently utilized
C. Efficiently but not fully utilized
D. Abundant

Question 13:

• JAMB 1991

A market is in disequilibrium if?

A. The quantity purchased is greater than quantity sold
B. The quantity sold differs from the quantity purchased
C. At a lower price, a large quantity is sold
D. The quantity demand differs from the quantity supplied

Question 14:

• JAMB 1991

The cross-elasticity of demand between complementary goods is?

A. Unitary
B. Positive
C. Zero
D. Negative

Question 15:

• JAMB 1991

Resources are efficiently allocated when production takes place at that output where price equals?

A. Marginal revenue
B. Average variable cost
C. Marginal cost
D. Toal cost