Jamb Economics Past Questions and Answers

Question 2111:

• JAMB 2013

If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys

A. Economies of scale
B. Specialization
C. Division of labour
D. Diseconomies of scale

Question 2112:

• JAMB 2013

An isoquant lying above to the right of another represents

A. A higher output level
B. Constant returns to scale
C. Over-capacity utilization
D. A lower output level

Question 2113:

• JAMB 2013

A measure of national income used as comparison of standard of living among nations is

A. Net national product
B. Gross domestic product
C. Gross national product
D. Per capita income

Question 2114:

• JAMB 2013

The speculative demand for money is inversely related to the

A. Interest rate
B. Level of income
C. Exchange rate
D. Inflation rate

Question 2115:

• JAMB 2013

If Mr .K obtains a N50.000 loan from a bank for the purpose of providing household needs, the demand for money is said to be

A. Transactionary
B. Speculative
C. Precautionary and speculative
D. Transactional and speculative