Jamb Economics Past Questions and Answers

Question 2281:

• JAMB 2022

A country's budget allocation to various sectors of the economy is shown in the pie chart above...

Use it to answer this question.

If the budget of the country was $7,200, how much is allocated to Education?

A. $2,400.00
B. $2,000.00
C. $1,200.00
D. $1,000.00

Question 2282:

• JAMB 2022

A country's budget allocation to various sectors of the economy is shown in the pie chart above...
Use it to answer this question

What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

A. 2: 3
B. 3:4
C. 4:3
D. 5:4

Question 2283:

• JAMB 2022

A consumer of a single commodity is in equilibrium when

A. He can equate his demand with price
B. He equates marginal utility and price
C. He can equate his marginal and total utilities
D. His marginal utility is equal to zero

Question 2284:

• JAMB 2022

If the government imposes a minimum price on a commodity

A. Market surplus occurs
B. The market will be cleared in the short-run
C. Excess demand occurs
D. Government regulation is no longer needed

Question 2285:

• JAMB 2022

A minimum price legislation is also called

A. Price ceiling
B. Price floor
C. Price control
D. Price mechanism