Jamb Economics 2015 Past Questions and Answers

Question 1:

• JAMB 2015

Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0 25P.Qs is the quantity supplied and P is price. Determine the quantity supplied when price per litre is N30

A. 50litres
B. 32.5litres
C. 30litres
D. 35litres

Question 2:

• JAMB 2015

From the diagram, determine the profit-maximizing output

A. 600
B. 800
C. 900
D. 1000

Question 3:

• JAMB 2015

If the quantity supplied of a commodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is

A. 4
B. 1
C. 2
D. 5

Question 4:

• JAMB 2015

The theory of comparative cost advantage is associated with

A. Adam Smith
B. Reverend Thomas Malthus
C. Professor trum fisher
D. David Ricardo

Question 5:

• JAMB 2015

In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced

A. N75.00
B. N100
C. N175.00
D. N125.00