Economics 2019 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.

1.  A demand which gives rise to the reverse of the law of demand is__________

  • A. Derived demand
  • B. Joint demand
  • C. Abnormal demand
  • D. Composite deman 

2. If two commodities are unrelated, a change in the price of one will____________

  • A. have effect on the quantity demanded of the other
  • B. have no effect on the quantity demanded of the other
  • C. increase the quantity demanded on the other
  • D. decrease the quantity demanded on the other

3. 

Price
(₦)
Quantity Demanded
810
612

If we move from 8 to 6, the elasticity of demand is_______

  • A. -1.25
  • B. 0.62
  • C. 1.25
  • D. 1

4. In a perfect competition, the market price is determined by_______

  • A. the government
  • B. the producer
  • C. the consumer
  • D. the market supply and demand junctions

5. In the short-run, the monopoly makes_______

  • A. Normal profit
  • B. Abnormal Profit
  • C. Loss
  • D. Sales

6. The demand curve facing the monopolist in the foreign market is__________

  • A. Elastic
  • B. Inelastic
  • C. Perfectly elastic
  • D. Unitary

7. Supply is________

  • A. A stock
  • B. A Flow
  • C. Constant
  • D. A table

8. A rise in the supply of a commodity cause__________

  • A. an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
  • B. an increase in both equilibrium
  • C. a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
  • D. a decrease in both equilibrium

9. The method obtained by adding all the reward of factors of production in national income is________

  • A. income approach
  • B. expenditure approach
  • C. value added method
  • D. output approach

10. In economy in which the whole income is not consumed is referred to as______

  • A. Frugal economy
  • B. Spend thrift economy
  • C. Capitalist economy
  • D. Mixed economy
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