Jamb Economics 2017 Past Questions and Answers

Question 16:

• JAMB 2017

Which of the following is NOT illustrated by the production possibility curve

A. Risk
B. Scarcity
C. Opportunity cost
D. Allocative efficiency

Question 17:

• JAMB 2017

Which of the following statement is TRUE about ECOWAS?

A. The aim of ECOWAS is to ensure economic stability
B. Bigger state in the community dominate the small state
C. Members of the ECOWAS community can form cartel and create monopolies
D. English is the only official language of ECOWAS

Question 18:

• JAMB 2017

The equilibrium price clears the market; it is the price at which___________

A. Everything is sold
B. Buyers spend all their money
C. Excess demand is zero
D. None of the above

Question 19:

• JAMB 2017

The graph above shows;

A. A decrease in quantity supplied
B. An increase in supply
C. A decrease in supply
D. An increase in quantity

Question 20:

• JAMB 2017

Goods sold in perfectly competitive markets are generally

A. Homogenous
B. Intermediate and final
C. Durable and non-durable
D. Heterogeneous