Jamb Economics Past Questions and Answers

Question 2251:

• JAMB 2022

If a housewife has meat and wants tomatoes, she must find someone who has tomatoes to give and wants meat. This concept is described as

A. Scale of preference
B. Opportunity cost
C. Complementary demand
D. Double coincidence of wants

Question 2252:

• JAMB 2022

The stock exchange is an example of the

A. Labour market
B. Money market
C. Commodity market
D. Capital market

Question 2253:

• JAMB 2022

What happens when the central bank increases the bank rate in an economy

A. Borrowing is discouraged
B. Customers increase their borrowing
C. Banks can increase their lending
D. Money supply increases

Question 2254:

• JAMB 2022

In order to increase revenue, government should tax commodities for which demand is

A. Perfectly price inelastic
B. Price inelastic
C. Price elastic
D. Unitary elastic

Question 2255:

• JAMB 2022

The figure above shows change in demand for commodity x which is a normal good. Use it to answer the questions that follows

Which of the following caused the change in demand from D0 D0 to D2 D2?

A. Fall in income of consumer
B. Rise in the price of a substitute
C. Rise in the price of a complement
D. Fall in the supply of commodity x