Jamb Economics 2013 Past Questions and Answers

Question 11:

• JAMB 2013

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

A. 66.7
B. 0.5
C. 1.5
D. 2.0

Question 12:

• JAMB 2013

One of the assumptions of the cardinal approach is

A. Diminishing marginal rate of substitution
B. The consistency and transitivity of choice
C. That total utility depends on the quantity of the commodities consumed
D. Unstable marginal utility of money

Question 13:

• JAMB 2013

Utility is the satisfaction derived from the

A. Distribution of goods and services
B. Use of goods and services
C. Demand of goods and services
D. Production of goods and services

Question 14:

• JAMB 2013

One of the major factors that brings about changes in supply is

A. Market discrimination
B. Availability of storage facilities
C. The cost of storage
D. Incentives granted to workers

Question 15:

• JAMB 2013

If the supply of a product is elastic, a small reduction in price will

A. Reduce the cost of production
B. Reduce the quantity supplied
C. Increase the quantity supplied
D. Lead to no change in the quantity supplied