Jamb Economics 2015 Past Questions and Answers

Question 61:

• JAMB 2015

In which situation is it likely that the demand for labour would be inelastic?

A. Labour and capital are close substitutes
B. Labour costs are only a small proportion of total costs
C. Demand for the final product that the labour produces is elastic
D. A large quantity of unemployed labour is available in the economy

Question 62:

• JAMB 2015

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in

A. Paris, France
B. Geneva, Switzerland
C. Lagos, Nigeria
D. Vienna, Austria

Question 63:

• JAMB 2015

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

A. The industry has many differentiated products
B. The industry is characterized by rapid technological change
C. The industry consist of large number of producers
D. There are significant barriers to prevent firms entering the market

Question 64:

• JAMB 2015

A commercial bank can create money by

A. Issuing currency
B. Increasing cash ratio
C. Issuing cheque
D. Lending to borrowers

Question 65:

• JAMB 2015

The source of all economic problems arises from

A. Wants
B. Scarcity
C. Opportunity Cost
D. Scale of Preference