Jamb Economics Past Questions and Answers

Question 2056:

• JAMB 2012

The invisible hand promotes the interests of

A. Consumers
B. Society
C. Government
D. Producers

Question 2057:

• JAMB 2012

Fixing price above equilibrium will cause

A. Demand and supply to remain constant
B. An increase in quantity supplied
C. An increase in supply
D. A decrease in quantity supplied

Question 2058:

• JAMB 2012

An important function of the price system is to

A. Ensure that producers' profits remain high
B. Guarantee full employment of resources
C. Allocate resources to most productive uses
D. Protect the economic interests of government

Question 2059:

• JAMB 2012

If all factors are variable in the long run,firms will experience

A. Decreasing returns to scale
B. Increasing returns to scale
C. Diminishing returns
D. Economies of scale

Question 2060:

• JAMB 2012

The equilibrium point of a firm is attained at the point where the isoquant is

A. Greater than the isocost
B. Less than the isocost
C. Tangent to the isocost
D. Greater than the output