Jamb Economics 2014 Past Questions and Answers

Question 46:

• JAMB 2014

In capitalist economies, questions about what to produce are ultimately answered by

A. Income level of households
B. Available technical skills in the economy
C. Output decisions of firms
D. Holding decision of households

Question 47:

• JAMB 2014

The best measure of dispersion to determine the tallest tree in a forest is

A. Range
B. Variance
C. Standard deviation
D. Mean deviation

Question 48:

• JAMB 2014

A change in demand for a normal goods implies that, there is a

A. Change in the quantity demanded as price changes
B. Shift in the demand curve
C. Movement along a given demand curve
D. Change in the price elasticity of demand

Question 49:

• JAMB 2014

If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is

A. Unitary elastic
B. Zero elastic
C. Elastic
D. Inelastic