Jamb Economics Past Questions and Answers

Question 2231:

• JAMB 2022

A downward sloping demand curve means that

A. Total revenue declines as price is lowered
B. Demand falls as output increases
C. Demand falls as output falls
D. Price must be lowered to sell more

Question 2232:

• JAMB 2022

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

A. Substitutes
B. Complements
C. Inferior goods
D. Bought together

Question 2233:

• JAMB 2022

An exceptional demand curve can result from

A. Increase in price of raw materials
B. Increase in the size of the population
C. Expectation of future price increase
D. Change in taste of consumer

Question 2234:

• JAMB 2022

Palm oil and palm kernel are in

A. Joint supply
B. Competitive demand
C. Competitive supply
D. Complementary demand

Question 2235:

• JAMB 2022

A supply curve parallel to the X-axis indicates

A. Fairly elastic supply
B. Infinitely elastic supply
C. Fairly inelastic supply
D. Perfectly inelastic supply