Jamb Economics 2006 Past Questions and Answers

Question 16:

• JAMB 2006

A commodity will be demanded only if

A. Consumers income increases
B. It has no close substitutes
C. The price is low
D. It has utility

Question 17:

• JAMB 2006

Derived demand is normally used with reference to

A. Superior goods
B. Inferior goods
C. The cost of production
D. The factors of production

Question 18:

• JAMB 2006

A straight line indifference curve indicates that the two products are

A. Normal goods
B. Inferior goods
C. Perfect substitutes
D. Close substitutes

Question 19:

• JAMB 2006

Given that demand and price remain unchanged an outward shift of the supply curve will lead to

A. Hoarding
B. Excess supply
C. Excess demand
D. A blank market

Question 20:

• JAMB 2006

A distribution is said to be positively skewed if it

A. Has a long tail to the left
B. Has a long tail to the right
C. Is bimodal
D. Is bell-shaped