Jamb Economics 2010 Past Questions and Answers

Question 21:

• JAMB 2010

An industry's supply curve is more likely to be elastic when firms are

A. Enjoying free entry and exit
B. Operating at full capacity
C. Operating below capacity
D. Maximizing profits

Question 22:

• JAMB 2010

One of the characteristics of monopolistic competition is that

A. There is mobility of factors of production
B. No single seller dominates the market
C. The firms are price-takers
D. Consumers have perfect knowledge of price

Question 23:

• JAMB 2010

The demand curve for factors of production

A. Is perfect elastic
B. Slopes upwards
C. Slopes of downwards
D. Is perfectly inelastic

Question 24:

• JAMB 2010

An agreement among firms on price and segmentation is termed

A. Cartel
B. Collusion
C. Haggling
D. Specialization

Question 25:

• JAMB 2010

In national income accounting, tax is determined by the

A. Level of income
B. Level of consumption
C. Level of investment
D. Rate of savings