Jamb Economics Past Questions and Answers

Question 2006:

• JAMB 2011

Ranking is the method use in measuring

A. Marginal utility
B. Ordinal utility
C. Cardinal utility
D. Total utility

Question 2007:

• JAMB 2011

If a firm is faced with an elastic supply curve, its revenue will

A. Be supplied at a higher price
B. Double at a higher price
C. Increase by more than the percentage increase in price
D. Equal percentage change in price

Question 2008:

• JAMB 2011

A firm will experience diseconomies of scale when

A. There are difficulties in coordinating production
B. There is shortage in labour supply
C. The size of market is small
D. There is an increase in the price of raw materials

Question 2009:

• JAMB 2011

The law of variable proportions is applicable only

A. In the long-run period
B. To large-scale enterprises
C. To small-scale enterprises
D. In the short-run period

Question 2010:

• JAMB 2011

One of the characteristics of oligopoly is the availability of

A. Few sellers
B. Few buyers
C. Many sellers
D. A single seller