Jamb Economics Past question and answers pdf download

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Jamb Economics Past question and answers

1. Developments outside a given firm that reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects

ANSWER: B (external economics)

2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
A. 0.33
B. 0.0001
C. 1
D.10000

ANSWER: C (1)

3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.

ANSWER: D (constant returns to scale)

4. Economic goods are termed scarce when they are
A. not available in sufficient quantities to satisfy all wants for them
B. not produced in sufficient quantities to satisfy the effective demand for them
C. of high quality
D. of primary importance in satisfying the needs of society.

ANSWER: A (not available in sufficient quantities to satisfy all wants for them)

5. Which of the following situations can give rise to economic problems
A. unlimited human wants
B. wants of varying importance
C. limited means available for satisfying wants
D. means used in different ways

ANSWER: C (limited means available for satisfying wants)

6. In the long run, all production factors are
A. fixed
B. semi-fixed
C. variable
D. semi-variable

ANSWER: C (variable)

7. The advantage that firms obtain directly from expanding their operations are referred to as

A. internal economies of scale

B. external economies of scale

C. economics of localization

D. economies of resource allocation

ANSWER: A ( internal economies of scale)

8. The effect of changes in the condition of demand on a demanding schedule with the price constant is a
A. movement along the demand curve
B. deflation of the demand curve
C. hyperbola formation by the demand curve
D. shift of the demand curve

ANSWER: D (shift of the demand curve)

9. If a demand curve that intersects a perfectly inelastic supply shifts rightward, then
A. the equilibrium price and quantity will increase
B. only the price will increase
C. only quantity will increase
D. the price will remain constant

ANSWER: B (only the price will increase)

10. If the cost of production for a firm continues to increase as its output rises, the firm is said to be experiencing
A. a large scale of production
B. profit maximization
C. economies of scale
D. diseconomies of scale

ANSWER: D ( diseconomies of scale)

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