Jamb Economics Past Questions and Answers

Question 1851:

• JAMB 2008

If 100 units and units of commodity X are supplied at N80 at different times, it means that there is

A. A change in supply
B. A change in the quantity supplied
C. An increase in the quantity supplied
D. A increase in the quantity supplied

Question 1852:

• JAMB 2008

A major determinant of the demand for a luxury goods is

A. The price of the goods
B. The price of other goods
C. The income of consumers
D. Tastes and fashion

Question 1853:

• JAMB 2008

If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand

A. 0.5
B. 1.2
C. 2.5
D. 4.0

Question 1854:

• JAMB 2008

If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is

A. Elastic
B. Perfectliy inelastic
C. Inelastic
D. Perfect elastic

Question 1855:

• JAMB 2008

As long as marginal utility is positive, total utility must be

A. Negative
B. Increasing
C. Zero
D. Decreasing