Jamb Economics Past Questions and Answers

Question 2276:

• JAMB 2022

The demand curve for goods of ostentation is usually

A. Negatively sloped
B. Positively sloped
C. Vertical
D. Horizontal

Question 2277:

• JAMB 2022

PN equals average revenue or marginal revenue cure of

A. An imperfect competitive firm
B. A monopoly
C. A perfectly competitive firm
D. A monopolistic competitive firm

Question 2278:

• JAMB 2022

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

A. 0.50
B. 0.65
C. 2.00
D. 2.50

Question 2279:

• JAMB 2022

The supply curve of a locally-produced good may shift to the right if

A. There is an increase in taxes on inputs
B. Government increases subsidies
C. Rural-urban migration is encouraged
D. The price of the commodity increases

Question 2280:

• JAMB 2022

In perfectly elastic supply, the supply curve

A. Is vertical
B. Is horizontal
C. Slopes upward
D. Slopes downward