Jamb Economics 2000 Past Questions and Answers

Question 6:

• JAMB 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.
Determined the cross elasticity of demand?

A. 1.7
B. 0.6
C. -0.6
D. -1.7

Question 7:

• JAMB 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.
The two commodities can be classified as?

A. Substitutes
B. Durable and non-durable
C. Intermediate and final
D. Complements

Question 8:

• JAMB 2000

A central argument of cardinal utility is that utility is?

A. Measurable
B. Psychological
C. Ranked
D. Intangible

Question 9:

• JAMB 2000

In a free market system, trading can only take place when the?

A. Market is not working effectively
B. Equilibrium price is attained
C. Price of a commodity tends to attract consumers
D. Consumers sovereignty is lacking

Question 10:

• JAMB 2000

The condition for equilibrium price and quantity under perfect competition is?

A. MC = AR = TR
B. TC =AR = P
C. MC = AR = P
D. MC = AR = TC