Jamb Economics 2012 Past Questions and Answers

Question 1:

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment

Question 2:

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment

Question 3:

• JAMB 2012

The privatization of public enterprises will lead to efficient management of resources in the economy.
This statement can best be described as

A. Normative reasoning
B. Inductive reasoning
C. Deductive reasoning
D. Positive reasoning

Question 4:

• JAMB 2012

The sign of the slope of a graph in economic analysis is important because it

A. Shows whether a good is normal or inferior
B. Shows the relationship between variables
C. Reveals the magnitude of the change between variables
D. Helps to determine the unit of measurement of variables

Question 5:

• JAMB 2012

If the quantity of rice bought decreases from 250 tonnes to 200 tonnes owing to a 2% rise in price, it shows that there is a change in

A. Consumers' income
B. Demand
C. Consumers' tastes
D. Quantity damanded