Jamb Economics 2000 Past Questions and Answers

Question 41:

• JAMB 2000

Being a member of the OPEC, Nigeria is in a favorable position to?

A. Export her crude oil
B. Control world crude oil prices
C. Reap the benefit of a cartel
D. Borrow money from members

Question 42:

• JAMB 2000

The supply of commodity II increasing from S ₁ S ₁ to S ₂ S ₂

A. Moves the price below OP ₂
B. Leads to a fall in price from OP ₁ to OP ₂
C. Increases the price from OP ₂ to OP ₁
D. Moves the price to OP ₁

Question 43:

• JAMB 2000

Commodities I and II are

A. Competitive supply
B. Substitute supply
C. Joint supply
D. Derived supply

Question 44:

• JAMB 2000

In the diagram L₁L₁ and L₂L₂ are budget lines. 1₁1₂ and 1 ₃ are indifference curves. which points are optimal?

A. U and W
B. V and W
C. U and Z
D. Y and Z

Question 45:

• JAMB 2000

The average product Y is

A. 15.5
B. 14.6
C. 12.0
D. 8.0