Jamb 2015 Economics Past Questions And Answers
The ordinalist approach of utility postulated that utility can be
- A. Rank
- B. Measurable
- C. Rise
- D. Fall
A market will be at equilibrium when
- A. demand and supply are equal
- B. demand is greater than supply
- C. price is higher
- D. supply is greater than demand
The frequent value that occurs most in a data is
- A. median
- B. mean
- C. mode
- D. range
A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
- A. supply curve
- B. liquidity preference
- C. Budget line
- D. demand curve
In which situation is it likely that the demand for labour would be inelastic?
- A. Labour and capital are close substitutes
- B. Labour costs are only a small proportion of total costs
- C. Demand for the final product that the labour produces is elastic
- D. A large quantity of unemployed labour is available in the economy
Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is
- A. Direct
- B. Progressive
- C. Regressive
- D. Proportional
All the following are problems identified with agriculture in West Africa except
- A. land tenure system
- B. ignorance of the farmers
- C. use of crude implement
- D. provision of food for the teeming population
The marginal product at the fifth variable factor is
- A. 7
- B. 6
- C. 5
- D. 9
The technical relationship between the physical inputs and the physical outputs of a firm is
- A. Utility
- B. Cost
- C. Demand
- D. Production function
Which of the following will shift the demand curve for Bournvita to the right
- A. a rise in price of Bournvita
- B. an increase in income
- C. a tax on cocoa producer
- D. a fall in price of Bournvita