Jamb Economics 2007 Past Questions and Answers

Question 41:

• JAMB 2007

An increase in the marginal cost of production causes

A. A downward movement along the supply curve
B. A leftward shift of the supply curve
C. A rightward shift of the supply curve
D. An upward movement along the supply curve

Question 42:

• JAMB 2007

The term ceteris paribus implies that

A. Resources are scarce
B. Human problems can be solved
C. Human beings are unpredictable
D. All factors are fully utilized

Question 43:

• JAMB 2007

If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?

A. 33.0
B. 12.0
C. 3.0
D. 1.5

Question 44:

• JAMB 2007

The logical sequence of basic concepts in economics is

A. Wants, scarcity, choice and opportunity cost
B. Wants , choice, scarcity and opportunity cost
C. Scarcity, wants , choice and scale of perference
D. Scarcity, choice ,scale of preference and opportunity cost.

Question 45:

• JAMB 2007

An advantage of electronic banking is that it

A. Enables many customers to operate joint accounts
B. Reduces risk of bank fraud
C. Enables a customer to operate many accounts from different locations
D. Enables a customer to operate his account from different locations