Jamb Economics 2018 Past Questions and Answers

Question 36:

• JAMB 2018

Which of the following matters may account for changes in demand?

I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation

A. I, II
B. II, III
C. I, III, IV
D. I, II, III, IV

Question 37:

• JAMB 2018

A commodity is defined as normal when its demand changes in the same direction as______

A. Income
B. Price
C. Taste
D. Preferences

Question 38:

• JAMB 2018

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

A. Marginal product
B. Marginal cost curve
C. Demand curve
D. Average cost curve

Question 39:

• JAMB 2018

An example of a market which approaches fairly near to perfection is____________

A. The retail market
B. The house market
C. The labour market
D. The foreign exchange market

Question 40:

• JAMB 2018

Economics is a social science concerned with the proper use and______

A. Production of goods and services
B. Distribution of wealth
C. Allocation of resources for growth
D. Creation of utility