Jamb Economics 2001 Past Questions and Answers

Question 21:

• JAMB 2001

If government fixes price below the equilibrium price, what effect will it have on demand?

A. Quantity demanded and supplied will be equal
B. Quantity supplied will be greater than quantity demanded
C. Quantity demanded will increase
D. Quantity demanded will decrease

Question 22:

• JAMB 2001

An imperfect market exist where?

A. The product is homogenous
B. There is perfect information among sellers
C. Both buyers and sellers have free entry into and free exits from the market
D. The location of some sellers gives them an advantage over others

Question 23:

• JAMB 2001

A production function relates?

A. Cost to output
B. Wages to profit
C. Cost to input
D. Output to input

Question 24:

• JAMB 2001

A major advantage of specialization and division of labour is that?

A. Time wastage will be minimized
B. Trade unions will be encouraged
C. There will be a ready market for labour
D. Workers will be adequately rewarded

Question 25:

• JAMB 2001

Which of the following is an example of a fixed cost?

A. Fuel cost
B. Electricity bill
C. Rent on building
D. Transportation cost