Jamb Economics 2022 Past Questions and Answers

Question 61:

• JAMB 2022

A consumer of a single commodity is in equilibrium when

A. He can equate his demand with price
B. He equates marginal utility and price
C. He can equate his marginal and total utilities
D. His marginal utility is equal to zero

Question 62:

• JAMB 2022

If the government imposes a minimum price on a commodity

A. Market surplus occurs
B. The market will be cleared in the short-run
C. Excess demand occurs
D. Government regulation is no longer needed

Question 63:

• JAMB 2022

A minimum price legislation is also called

A. Price ceiling
B. Price floor
C. Price control
D. Price mechanism

Question 64:

• JAMB 2022

Which of the following factors is not a cause of diminishing returns?

A. Increase in variable inputs
B. Land fragmentation
C. Constant technology
D. Technological innovations

Question 65:

• JAMB 2022

In manufacturing, division of labour may be hindered by

A. Excessive demand for the product
B. Low level of technology
C. Excess supply of labour
D. Increase in the export of goods