Economics 2004 Jamb Past Questions and Answers

Question 46 :

• JAMB 2004

The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

A. Q₃
B. Q₄
C. Q₁
D. Q₂

Question 47 :

• JAMB 2004

In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

A. M
B. J
C. K
D. L

Question 48 :

• JAMB 2004

The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

A. 2 units of rice
B. 5 units of beans
C. 17 units of rice
D. 20 units of beans

Question 49 :

• JAMB 2004

The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

A. E₃
B. E₁
C. E₄
D. E₂

Question 50 :

• JAMB 2004

When there is a change from T to N, it implies that

A. Supply has increased
B. Quantity supplied has increased
C. Quantity demanded has increased
D. Price has fallen