Jamb Economics 2001 Past Questions and Answers

Question 6:

• JAMB 2001

A normal good with close substitutes is likely to have its price elasticity of demand?

A. Between zero and one
B. Equal to unity
C. Less than unity
D. Greater than unity

Question 7:

• JAMB 2001

Economics is regarded as a social science because it?

A. Adopts the scientific method in production
B. Is an agent of socialization
C. Adopts the scientific method in the study of human behaviour
D. Adopts the scientific method with social problems

Question 8:

• JAMB 2001

A change in supply is best described as a?

A. Movement along the supply curve
B. Shift of the supply curve to the left or to the right
C. Shift of the supply curve to the left
D. Shift of the supply curve to the left

Question 9:

• JAMB 2001

When a generalization is made based on observed facts, it is known as?

A. Deductive reasoning
B. Inductive reasoning
C. Theoretical reasoning
D. Normative reasoning

Question 10:

• JAMB 2001

A major problem facing all economies is how to?

A. Increase consumption of imported goods
B. Improve trade among nations
C. Transform from a developing to a developed economy
D. Allocate scarce resources