Jamb Economics 2023 Past Questions and Answers

Question 26:

• JAMB 2023

Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?

A. Marginal propensity to save has fallen
B. Actual investment had fallen
C. Average propensity to invest has fallen
D. Actual saving has fallen

Question 27:

• JAMB 2023

is often described as a science because it

A. Employs the use of laboratory experiments
B. Use scientific methods to explain observed phenomena
C. Make use of controlled experiments
D. Engages accurate predication of human beings

Question 28:

• JAMB 2023

Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?

No. of oranges Consumed	Total Utility	Average Utility	Marginal Utility
1	9	9	-
2	16	8	x
3	24	8	6
4	30	7.5	4
5	34	6.8	y
6	36	6	2
7	36	5.1	0

A. 0.5
B. 7
C. 8

Question 29:

• JAMB 2023

Which of the following is NOT one of the characteristics of developing countries?

A. High unemployment
B. Mono- product economy
C. High capital formation
D. Low saving

Question 30:

• JAMB 2023

The demand for a good is price inelastic if

A. The price elasticity is less than one
B. The price elasticity is one
C. The price elasticity is negative
D. The price elasticity is greater than one