Jamb Economics 2022 Past Questions and Answers

Question 11:

• JAMB 2022

An exceptional demand curve can result from

A. Increase in price of raw materials
B. Increase in the size of the population
C. Expectation of future price increase
D. Change in taste of consumer

Question 12:

• JAMB 2022

Palm oil and palm kernel are in

A. Joint supply
B. Competitive demand
C. Competitive supply
D. Complementary demand

Question 13:

• JAMB 2022

A supply curve parallel to the X-axis indicates

A. Fairly elastic supply
B. Infinitely elastic supply
C. Fairly inelastic supply
D. Perfectly inelastic supply

Question 14:

• JAMB 2022

If the marginal utility of commodity is equal to its price, then

A. The consumer is in equilibrium
B. More of the commodity can be consumed
C. Total utility is also equal to its price
D. The market is not in equilibrium

Question 15:

• JAMB 2022

A price floor is usually fixed

A. At the equilibrium and causes no shortage
B. Above the equilibrium and causes shortage
C. Below the equilibrium and causes surpluses
D. Above the equilibrium and causes surpluses