Jamb Economics 2001 Past Questions and Answers

Question 11:

• JAMB 2001

A vertical supply curve indicates that?

A. The quantity supplied is responsive to price
B. The same fixed quantity will be supplied no matter the price
C. An increase in price will result in an increase in the quantity supplied
D. There is a fixed price for the commodity below which no supply will be made

Question 12:

• JAMB 2001

In a demand curve, the relationship between price and quantity is?

A. Indeterminate
B. Direct
C. Nil
D. Inverse

Question 13:

• JAMB 2001

If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?

A. 7.0
B. 6.0
C. 8.5
D. 8.0

Question 14:

• JAMB 2001

The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?

A. Centrally planned economy
B. Free market economy
C. Developed economy
D. Mixed economy

Question 15:

• JAMB 2001

A consumer's scale of preference is an arrangement of his?

A. Scarce resources in order of importance
B. Needs in order of importance
C. Sources of income and their importances
D. Requirements and how to satisfy them