Jamb Economics 2006 Past Questions and Answers

Question 46:

• JAMB 2006

The diagram above shows the effect of

A. Excess demand over supply at q₃
B. Excess supply over demand at q₂
C. Minimum price legislation at P₂
D. Maximum price legislation at P₂

Question 47:

• JAMB 2006

A movement from K to M will

A. Decrease the consumer's utility
B. Increase the price of the commodity
C. Increase the consumer's utility
D. Leave consumer's utility unchanged

Question 48:

• JAMB 2006

A point P, the marginal rate of substitution is

A. Less than one
B. Greater than one
C. Zero
D. Unity

Question 49:

• JAMB 2006

\(\begin{array}{c|c}
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\
\hline
\end{array}\)
What is the average product when 3 men are employed?

A. 120 units
B. 540 units
C. 100 units
D. 180 units

Question 50:

• JAMB 2006

The price index is calculated as

A. \(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)
B. \(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)
C. \(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)
D. \(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)