Jamb Economics Past Questions and Answers

Question 16:

• JAMB 2019

Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

A. Deflation
B. Reinflation
C. Disinflation
D. Inflationary gap

Question 17:

• JAMB 2019

The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

A. Economies of scale
B. Money cost
C. Opportunity cost
D. Cost functions

Question 18:

• JAMB 2019

The most important cost curve for the firm is_________

A. MC
B. AC
C. TC
D. FC

Question 19:

• JAMB 2019

In the case of highly or close complementary goods, the indifference curve is_______

A. A straight line
B. A right-angled
C. L - shaped
D. Curvature

Question 20:

• JAMB 2019

One of these is not an assumption of the cardinalist theory of utility?

A. The consumer is rational
B. Diminishing marginal utility
C. The concept of money utility
D. Consistency and transivity of choice