Jamb Economics 2012 Past Questions and Answers

Question 11:

• JAMB 2012

If quantity supplied is constant irrespective of price changes, the supply elasticity is

A. Unitary
B. Infinity
C. Fairly elastic
D. Perfectly inelastic

Question 12:

• JAMB 2012

The cost elasticity of supply is a useful instrument for measuring

A. Profit
B. Productivity
C. National income
D. Price index

Question 13:

• JAMB 2012

The invisible hand promotes the interests of

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

Question 14:

• JAMB 2012

Fixing price above equilibrium will cause

A. Demand and supply to remain constant
B. An increase in quantity supplied
C. An increase in supply
D. A decrease in quantity supplied

Question 15:

• JAMB 2012

An important function of the price system is to

A. Ensure that producers' profits remain high
B. Guarantee full employment of resources
C. Allocate resources to most productive uses
D. Protect the economic interests of government