Jamb Economics Past Questions and Answers

Question 2101:

• JAMB 2013

An increase in demand without a corresponding change in supply will lead to

A. A decrease in equilirium price and increase in equilibrium quantity
B. An increase in equilibrium price and quantity
C. A decrease in equilibrium price and quantity
D. An increase in equilibrium price and a decrease in equilibrium quantity

Question 2102:

• JAMB 2013

An increase in the price of a commodity will result in

A. A decrease in the quantity demanded
B. An increase in demand
C. An increase in quantity demanded
D. A decrease in demand

Question 2103:

• JAMB 2013

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

A. 66.7
B. 0.5
C. 1.5
D. 2.0

Question 2104:

• JAMB 2013

One of the assumptions of the cardinal approach is

A. Diminishing marginal rate of substitution
B. The consistency and transitivity of choice
C. That total utility depends on the quantity of the commodities consumed
D. Unstable marginal utility of money

Question 2105:

• JAMB 2013

Utility is the satisfaction derived from the

A. Distribution of goods and services
B. Use of goods and services
C. Demand of goods and services
D. Production of goods and services