Economics 2021 Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

31. If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________

  • A. Scarce
  • B. Normal
  • C. Superior.
  • D. Inferior

32. An economic problem arises when________

  • A. Sellers are few
  • B. Scarcity and choices are involved
  • C. Buyers are many
  • D. Money is in short supply

33. Which of these is not a cause of high population growth in Nigeria?

  • A. Improved hygiene
  • B. Reduction in death rate
  • C. Family planning unit of Nigeria
  • D. Increased birth rate

34.  Inflation can be curbed by _______

  • A. Deficit budget
  • B. Paying higher wages
  • C. Increased aggregate demand
  • D. Reducing aggregate demand

35. A typical corporate form of business organization is owned by ______

  • A. Shareholders
  • B. A local government
  • C. The president of a country
  • D. Foreigners and citizens of the country.

36. The price mechanism______

  • A. Rations the consumers
  • B. Rewards the producers
  • C. Regulates supply and demand
  • D. Allocates scarce resources.

37. If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  • A. Progressive
  • B. Proportional
  • C. Indirect
  • D. Regressive

38. Which of these is not usually the function of a wholesaler?

  • A. Branding
  • B. Storage
  • C. Transport
  • D. Advertising

39. If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is_______

  • A. Zero
  • B. 10
  • C. 2
  • D. 1

40. By utility we mean________

  • A. Uselessness
  • B. Power of satisfying a want
  • C. Beneficial
  • D. Consumable
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