Jamb Economics 2022 Past Questions and Answers

Question 51:

• JAMB 2022

A major disadvantage of a capitalist economy is that it

A. Leads to low production of goods and services
B. Requires large number of officials to operate
C. Considers individual consumers' satisfaction
D. Worsens income inequality among the citizens

Question 52:

• JAMB 2022

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

A. $ 90.00
B. $ 180.00
C. $ 324.00
D. $ 350.00

Question 53:

• JAMB 2022

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

A. In complementary demand
B. Of the same quality
C. In composite demand
D. In competitive demand

Question 54:

• JAMB 2022

The demand curve for goods of ostentation is usually

A. Negatively sloped
B. Positively sloped
C. Vertical
D. Horizontal

Question 55:

• JAMB 2022

PN equals average revenue or marginal revenue cure of

A. An imperfect competitive firm
B. A monopoly
C. A perfectly competitive firm
D. A monopolistic competitive firm