Jamb Economics 2023 Past Questions and Answers

Question 31:

• JAMB 2023

A tariff is a tax imposed on

A. Consumer goods
B. Domestic goods
C. Imported goods
D. Exported goods

Question 32:

• JAMB 2023

Which of the following is an example of free good?

A. Free education
B. Water in the ocean
C. Dinner you did not pay for
D. Your rented apartment

Question 33:

• JAMB 2023

The marginal propensity to consume is

A. Options A, B and C
B. ΔC/ΔY
C. The slope of the consumption function
D. Coefficient c in the equation C = C + cYd

Question 34:

• JAMB 2023

The short run can be defined as the period of time during which

A. All inputs are fixed
B. At least one of the firm's input is fixed
C. At least two inputs are fixed
D. All inputs are variable

Question 35:

• JAMB 2023

The "velocity" of money is

A. The real money supply divided by the real GDP
B. The money supply multiplied by the price level
C. The money supply divided by the price level
D. The ratio of real GDP to the real money supply