Jamb Economics 2017 Past Questions and Answers

Question 41:

• JAMB 2017

Petro-chemical industries are located in the Rivers State of Nigeria because of ________?

A. Favourable soil
B. Coal deposit
C. Crude oil deposit
D. Favourable climate

Question 42:

• JAMB 2017

The bowed shape of the Production possibilities curve illustrates _________

A. That production is inefficient
B. That demand is relatively inelastic
C. That production is unattainable
D. The law of increasing marginal cost

Question 43:

• JAMB 2017

Which of the following is an indicator of economic growth?

A. High tax rate
B. Technology development
C. High gross domestic product
D. High interest rate

Question 44:

• JAMB 2017

The graph above represents _______

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

Question 45:

• JAMB 2017

The law of diminishing marginal utility states:

A. The supply curve slopes downward
B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
C. The elasticity of demand is infinite
D. None of the above