Jamb Economics 2016 Past Questions and Answers

Question 1:

• JAMB 2016

Localization of industry is encouraged because of

A. Low interest charges on loans
B. High standard of living
C. Low foreign exchange rate
D. Improvements in infrastructure

Question 2:

• JAMB 2016

A company's expenditure on raw materials is termed as_______?

A. Prime cost
B. Explicit cost
C. Average cost
D. Implicit cost

Question 3:

• JAMB 2016

\(\begin{array}{c|c}
Price (N) & 20 & 16 \\
\hline
\text{Quantity demanded} & 100 & 58
\end{array}\)
From the table above, the elasticity of supply is_____?

A. Inelastic supply
B. Perfectly elastic
C. Elastic supply
D. Unitary elastic

Question 4:

• JAMB 2016

Which of the following can cause oil glut in the International market?

A. Excess demand over supply
B. Under- capacity utilization
C. Excess supply over demand
D. Economic boom

Question 5:

• JAMB 2016

Population growth is determined by_______?

A. Dependency ratio
B. Labour force
C. Per capita
D. Net migration