Jamb Economics 2002 Past Questions and Answers

Question 1:

• JAMB 2002

The elasticity of supply of perishable goods is?

A. Unitary
B. Inelastic
C. Zero
D. Elastic

Question 2:

• JAMB 2002

The elasticity of supply of perishable goods is?

A. Unitary
B. Inelastic
C. Zero
D. Elastic

Question 3:

• JAMB 2002

The demand for factors of production is an example of?

A. Joint demand
B. Competitive demand
C. Derived demand
D. Composite demand

Question 4:

• JAMB 2002

A student has N30.00 with which to buy a ruler costing N18.00 and an exercise book costing N25.00. If he buys the exercise book, his opportunity cost is?

A. The ruler
B. The exercise book
C. N25.00
D. 18.00

Question 5:

• JAMB 2002

A shift in supply curve indicates that a different quantity will be supplied at each possible price because?

A. Consumers are willing to pay higher prices
B. Supply is facing competition
C. Other factors than price have changed
D. Price has changed