Jamb Economics 2023 Past Questions and Answers

Question 11:

• JAMB 2023

If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?

A. 2
B. 4
C. 5
D. 3

Question 12:

• JAMB 2023

All of the following describes conditions necessary for existence of a perfect market EXCEPT

A. Lack of homogeneity of goods
B. Perfect knowledge
C. Large buyers and sellers
D. Portability of goods

Question 13:

• JAMB 2023

From the graph above, the consumer is at equilibrium at point

A. K
B. L
C. M
D. J

Question 14:

• JAMB 2023

Calculate the equilibrium level of national income (Y) where Y = C + I + G; C = 100 + 0.75Y; I = 50; G = 200

A. 2000
B. 100
C. 1500
D. 1400

Question 15:

• JAMB 2023

When a kilogram of carrot is #8.00, 20 kilograms are demanded and when the price decreased to #6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to

A. 11
B. 12
C. \(\frac{1}{2}\)
D. 2