Jamb Economics Past Questions and Answers

Question 146:

• JAMB 2019

When elasticity is zero, the demand curve is_____________

A. Circular
B. Downward sloping
C. Perfectly inelastic
D. Concave

Question 147:

• JAMB 2019

Which of the following is not a direct tax?

A. Capital gains tax
B. Purchase tax
C. Personal income tax
D. Capital tax

Question 148:

• JAMB 2019

A limited liability company is owned by________________

A. A bank
B. An individual
C. Two or more partners
D. Share holders

Question 149:

• JAMB 2019

If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

A. 0.50
B. 0.40
C. 1.25
D. 0.80

Question 150:

• JAMB 2019

If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

A. A decrease in profit by 43%
B. An increase in profit by 43%
C. A net loss
D. A net gain