Jamb Economics 2023 Past Questions and Answers

Question 71:

• JAMB 2023

The decision to consume more of one product under normal circumstances will apply

A. Less of another product will be consumed
B. More of another product will be consumed
C. Less of the product will be consumed
D. No other products will be consumed

Question 72:

• JAMB 2023

Identify one of the following which can NOT be used to close deflationary gap

A. Increased interest rate
B. Increased money supply
C. Increase government expenditure
D. Reduction in taxes

Question 73:

• JAMB 2023

An increase in nominal income without increase in price will result to

A. Increased real income
B. Increased GDP
C. Decreased real income
D. Decreased GNP

Question 74:

• JAMB 2023

If demand function for a product is Qd = 30 - 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?

A. 1.14
B. 7.1
C. 14.1
D. 1.7

Question 75:

• JAMB 2023

Macro focuses on the following units in an aggregative manner

A. Household, firms, government, corporate sector and external sector
B. Individual consumers, individual firms, government and external sector
C. Government, household firms, individual consumers and external sector
D. Individual consumers, household firms and manufacturing sector