Jamb 2022 Economics Past Questions And Answers
The sufficient condition for a firm to be in equilibrium is that the
- A. firm must show that it is profitable
- B. marginal cost must be equal to average revenue
- C. marginal revenue curve is above the average revenue curve
- D. marginal cost curve cuts the marginal revenue curve from below
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
The price mechanism
- A. regulates supply and demand
- B. rations the consumers
- C. rewards the producers
- D. allocates scarce resources
The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?
- A. $ 90.00
- B. $ 180.00
- C. $ 324.00
- D. $ 350.00
Cooperative societies are formed mainly to
- A. assist producers to maximize their profits
- B. encourage thrift and credit among members
- C. promote and maintain the welfare of members
- D. break the monopolies of private companies
A major characteristic of natural resources is they
- A. are unlimited in supply
- B. have high cost of production
- C. are free gifts of nature
- D. do not command any price
In a free market economy, the rationing of scarce goods is done principally by?
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers
A major disadvantage of a capitalist economy is that it
- A. leads to low production of goods and services
- B. requires large number of officials to operate
- C. considers individual consumers' satisfaction
- D. worsens income inequality among the citizens
There is unemployment of resources when production is
- A. within the production possibility curve
- B. outside the production possibility curve
- C. along the production possibility curve
- D. adequate to meet market demand
In a free market economy, the rationing of scarce goods is done principally by?
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers