Jamb Economics 1999 Past Questions and Answers

Question 6:

• JAMB 1999

The determinants of elasticity include?

A. Price, time and availability of alternatives
B. Technology and cost of production
C. Time and availability of alternatives
D. Price, time and technology changes

Question 7:

• JAMB 1999

A capitalist economy is one characterized by the?

A. Private ownership of factors of production
B. Ownership of factors of production by rich members of the society
C. Use of capital and labour in fixed proportions during production
D. Use of capital intensive methods of production

Question 8:

• JAMB 1999

In a planned economy, what shall be produced is determined primarily by?

A. What the consumer wants
B. Government decisions
C. Price mechanism
D. The pattern of consumer spending

Question 9:

• JAMB 1999

A utility maximizing household will allocate its expenditure so that?

A. More naira is spent on commodities with the highest utility
B. Less naira is spent on commodities with the lowest utility
C. The utility of the last naira spent on each commodity is equal
D. The amount spent on each commodity is equal

Question 10:

• JAMB 1999

The downward sloping part of the long-run average cost curve of a firm may be attributable to?

A. Diminishing returns
B. The law of variable proportions
C. Diseconomies of scale
D. Increasing returns to scale