Jamb Economics 2011 Past Questions and Answers

Question 36:

• JAMB 2011

Trade takes place because of

A. Marginal utility
B. Inefficiency in production
C. Opportunity cost
D. Comparative advantage

Question 37:

• JAMB 2011

The money paid per hour for work done is

A. Salary
B. Wage rate
C. Cost
D. Bonus

Question 38:

• JAMB 2011

The World Trade Organization is responsible for

A. Stabilizing and harmonization oil prices
B. Ensuring equal participation of countries in trade
C. Modernising world economies
D. Minimizing obstacles to international trade and investment

Question 39:

• JAMB 2011

The graph of the schedule above will depict

A. A kinked demand curve
B. A normal demand curve
C. An abnormal demand curve
D. A diminishing marginal utility curve

Question 40:

• JAMB 2011

From that table above, the price elasticity of supply is

A. 4
B. 25
C. 1
D. 2