Jamb 2023 Economics Past Questions And Answers
1
An increase in money income with constant price results in
- A. Outward shift in the budget line
- B. Inward parallel shift in the budget line
- C. Options A and C
- D. Budget line remain constant
2
The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is
- A. Perfectly elastic
- B. Infinitely elastic
- C. Inelastic
- D. Perfectly inelastic
3
The law of supply states that, other things being constant, as price increases
- A. Supply increases
- B. Supply decreases
- C. Quantity supplied increases
- D. Quantity supplied decreases
4
The following are economic agents in any economy EXCEPT
- A. Central Bank
- B. House hold
- C. Firm
- D. Government
5
The velocity of money is
- A. The real money supply divided by the real GDP
- B. The money supply multiplied by the price level
- C. The money supply divided by the price level
- D. The ratio of real GDP to the real money supply
6
The demand for money will fall if
- A. People expect deflation soon
- B. Real GDP rises
- C. Real interest rates rise
- D. The GDP deflator rises
7
If the supply curve of labour market is given as S = 4L + 8. What is L when s = 20?
- A. 2
- B. 4
- C. 5
- D. 3
8
The demand for a good is price inelastic if
- A. The price elasticity is less than one
- B. The price elasticity is one
- C. The price elasticity is negative
- D. The price elasticity is greater than one
9
If commodities X and Y are substitute, their cross elasticity of demand will be
- A. One
- B. positive
- C. negative
- D. zero
10
------------- is NOT the cause of balance of payments (BOP) deficits in Nigeria
- A. Poor performance of non-oil sector
- B. Export promotion
- C. No import substitution strategies
- D. High servicing of debt