Jamb Economics Past Questions and Answers

Question 2001:

• JAMB 2011

If the demand for one commodity excludes another, it is said to be

A. Complementary demand
B. Competitive demand
C. Composite demand
D. Derived demand

Question 2002:

• JAMB 2011

If demand increases without a change in supply, equilibrium price and quantity will

A. Remain unchanged
B. Shift inward
C. Fall
D. Rise

Question 2003:

• JAMB 2011

In the process of production, total output is at maximum when

A. MP=0
B. MP > 0
C. AP = 0
D. AP > 0

Question 2004:

• JAMB 2011

When a consumer is at equilibrium, the MRS_xy is equal to the

A. Sum of the prices
B. Product of the two prices
C. Ratio of the two prices
D. Difference of the two prices

Question 2005:

• JAMB 2011

Minimum price legislation by government will

A. Reduce supply
B. Increase supply
C. Reduce demand and create surplus
D. Increase demand and create scarcity