Jamb Economics 2003 Past Questions and Answers

Question 6:

• JAMB 2003

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

A. Perfectly inelastic
B. Fairly inelastic
C. Perfectly elastic
D. Fairly elastic

Question 7:

• JAMB 2003

If there is an increase in demand without a corresponding increase in supply, there will be a

A. Rise in price
B. Shift in demand curve to the left
C. Fall in price
D. Shift in supply curve to the right

Question 8:

• JAMB 2003

In a planned economy, the emphasis is on

A. Public ownership and control
B. Prices and competition
C. Individual choices and decisions
D. Private ownership and control

Question 9:

• JAMB 2003

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
At 60 units of output, the AVC is

A. ₦2.50
B. ₦1.50
C. ₦90.00
D. ₦150.00

Question 10:

• JAMB 2003

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \\ \hline 20 & 60 & 100 \\ \hline 30 & 60 & 120 \\ \hline 40 & 60 & 130 \\ \hline 50 & 60 & 135 \\ \hline 60 & 60 & 150 \\ \hline 70 & 60 & 170 \\ \hline 80 & 60 & 190\end{array}\)
Using the table above. The ATC at 30 units of output is

A. ₦3.00
B. ₦4.00
C. ₦60.00
D. ₦120.00