Economics 2016 Jamb Past Questions and Answers

Question 21 :

• JAMB 2016

If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?

A. 2.00
B. 0.50
C. 1.50
D. 1.00

Question 22 :

• JAMB 2016

Public limited liability companies are owned by__________?

A. The federal government
B. Private and individual organizations
C. The state government
D. The federal and state governments

Question 23 :

• JAMB 2016

The type of inflation that emanates from excess demand overs supply is___________?

A. Galloping inflation
B. Imported inflation
C. Demand-pull inflation
D. Cost-push inflation

Question 24 :

• JAMB 2016

The price elasticity of supply of perishable goods is_________?

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

Question 25 :

• JAMB 2016

All pairs of quantities from which a consumer derives equal satisfaction can be plotted on__________?

A. An indifference curve
B. An exceptional demand curve
C. A budget line
D. An isoquant map