Jamb Economics 2009 Past Questions and Answers

Question 11:

• JAMB 2009

If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is

A. 0.80
B. 1.25
C. 2.00
D. 10.00

Question 12:

• JAMB 2009

A decrease in supply without a corresponding change in demand will lead to

A. An increase in equilibrium price and a decrease in equilibrium quantity
B. A decrease in equilibrium price and an increase in equilibrium qantity
C. A decrease in equilibrium price and equilibrium quantity
D. An increase in equilibrium price and quantity

Question 13:

• JAMB 2009

In a regulated market, price is determined by

A. Consumers
B. Producers
C. Auction
D. Government

Question 14:

• JAMB 2009

Production takes place when

A. Output is transformed into input
B. Machines replace human effort
C. Input is transformed into output
D. There is specialization and division of labour

Question 15:

• JAMB 2009

Which of the following can be deduced from the law of variable proportions when total output is rising?

A. MP is greater than AP
B. MP is less than AP
C. MP is equal to AP
D. MP is equal to zero