Jamb Economics 2001 Past Questions and Answers

Question 1:

• JAMB 2001

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

A. An increase in profit by 43%
B. A net gain
C. A decrease in profit 43%
D. A net loss

Question 2:

• JAMB 2001

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

A. An increase in profit by 43%
B. A net gain
C. A decrease in profit 43%
D. A net loss

Question 3:

• JAMB 2001

In a free market economy, the price system allocates resources?

A. Under government's directives
B. To ensure general welfare
C. To their best alternatives
D. To reduce poverty

Question 4:

• JAMB 2001

At the consumer equilibrium, the slope of the indifference curve is?

A. Half the slope of the budget constraint line
B. Equal to the slope of the budget constraint line
C. Greater than the slope of the budget constraint line
D. Less than the slope of the budget constraint line

Question 5:

• JAMB 2001

For a supply curve, an increase in the price of a commodity will result in?

A. A decrease in supply
B. A decrease in the quantity supplied
C. An increase in supply
D. An increase in the quantity supplied