Jamb Economics 2005 Past Questions and Answers

Question 31:

• JAMB 2005

If elasticity of demand is greater than I and less than infinity, demand is said to be

A. Elastic
B. Perfectly inelastic
C. Inelastic
D. Perfectly elastic

Question 32:

• JAMB 2005

In economics, production takes place only when

A. Producers sell to retailers
B. Value has been added to a commodity
C. Modern equipment is used
D. Consumption has taken place

Question 33:

• JAMB 2005

The monetization policy of the Nigerian government is aimed at

A. Encouraging public servants to retire early and become self-employed
B. Transferring government's properties to retired public servants
C. Reducing government's burden on the provision of fringe benefits to public servants
D. Helping government recover properties held by public servants

Question 34:

• JAMB 2005

The price index computed between two time periods is given as 128%,This implies that the

A. Disposable income have increased by 28%
B. Living standards have fallen by 128%
C. Living standards have risen by 128%
D. Living standards have fallen by 28%

Question 35:

• JAMB 2005

The problem of planning in Nigeria is mainly in the

A. Implementation of the plans
B. Appraisal of the plans
C. Allocation of scarce resources
D. Articulation of the plans