Jamb Economics Past Questions and Answers

Question 1951:

• JAMB 2010

The most popular sizes of dresses and shoes are determined by the

A. Range
B. Mean
C. Mode
D. Median

Question 1952:

• JAMB 2010

If the demand for a good is more elastic than its supply, the tax burden is borne

A. Equally by consumers and producers
B. More by producers
C. More by consumers
D. More by retailers and producers

Question 1953:

• JAMB 2010

If the price of a commodity with elastic demand increases, the revenue accruing to the producer will

A. Double
B. Increase
C. Be constant
D. Decrease

Question 1954:

• JAMB 2010

Consumer surplus tends to be higher when demand is

A. Inelastic
B. Perfectly elastic
C. Elastic
D. Unitarily elastic

Question 1955:

• JAMB 2010

One of the assumptions of ordinal utility theory is that

A. Choice is not consistent
B. Utility can be ranked
C. Total utility is a function of price
D. Satisfaction is measurable