Jamb Economics Past Questions and Answers

Question 61:

• JAMB 2018

When of the following matters may account for changes in supply?

I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation

A. I, II
B. I, III
C. II, III, IV
D. I, II, III, IV

Question 62:

• JAMB 2018

A supply curve slopes upwards from the left to the right indicating__________

A. A negative slope
B. A positive slope
C. A backward sloping supply curve
D. Short-run supply curve

Question 63:

• JAMB 2018

Use the following information given to answer this question
Total of all expenditure incurred during the year 80,000m
Indirect taxes on goods and services 8,000m
Capital consumption 6,000m

National income is__________

A. ₤ 74,000m
B. ₤ 66,000m
C. ₤ 60,000m
D. ₤ 14,000m

Question 64:

• JAMB 2018

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

Gross national expenditure at factor cost is_________

A. ₤ 88,000μ
B. ₤ 82,000μ
C. ₤ 74,000μ
D. ₤ 72,000μ

Question 65:

• JAMB 2018

Effective demand for a commodity is desire for that commodity backed by_______

A. A wish for the lowest possible price
B. Ability and willingness to pay
C. Cash in one's pocket
D. A promise to make payment