Jamb Economics 2015 Past Questions and Answers

Question 6:

• JAMB 2015

A smaller industry that grows to cater for the need of the major industry is

A. Subsidiary industry
B. Constructive industry
C. Manufacturing industry
D. Infant industry

Question 7:

• JAMB 2015

In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?

A. There has been an increase in the consumer’s money income
B. There has been a reduction in the price of both A and B
C. There has been no change in the price of A or B
D. There has been no change in the price of A relative to the price of B

Question 8:

• JAMB 2015

What would encourage the growth of international division of labour?

A. Improvement in transport system
B. Instability in international exchange rate
C. Restrictions on the movement of resources
D. Increase in tariff

Question 9:

• JAMB 2015

The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price

A. N4
B. N8
C. N2
D. N10

Question 10:

• JAMB 2015

The practice of selling goods overseas and often below the cost of production is known as

A. Retailing
B. Dumping
C. Internal trade
D. Advertising