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.

41. Effective demand for a commodity is desire for that commodity backed by_______

  • A. a wish for the lowest possible price
  • B. ability and willingness to pay
  • C. cash in one’s pocket
  • D. a promise to make payment

42. A commodity is defined as normal when its demand changes in the same direction as______

  • A. income
  • B. price
  • C. taste
  • D. preferences

43. Which of the following matters may account for changes in demand?

I – changes in consumer preferences
II – changes in real income
III – changes in distribution of incomes
IV – changes in levels of taxation

  • A. I, II
  • B. II, III
  • C. I, III, IV
  • D. I, II, III, IV

 

44. An example of a market which approaches fairly near to perfection is____________

  • A. the retail market
  • B. the house market
  • C. the labour market
  • D. the foreign exchange market

45. Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

  • A. marginal product
  • B. marginal cost curve
  • C. demand curve
  • D. average cost curve

46. An example of a vertical combination is the merger of_________

  • A. a spinning firm and a wearing firm
  • B. two meat retailing firms
  • C. two very large wholesale textile distributors
  • D. three secretarial employment agencies in one town

47. When of the following matters may account for changes in supply?

I – technological advances in an industry
II – changes in labour costs
III – changes in source of supply
IV – changes in levels of taxation

  • A. I, II
  • B. I, III
  • C. II, III, IV
  • D. I, II, III, IV

48. A supply curve slopes upwards from the left to the right indicating__________

  • A. a negative slope
  • B. a positive slope
  • C. a backward sloping supply curve
  • D. short-run supply curve

49.

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

National income is__________

  • A. ₤ 74,000m
  • B. ₤ 66,000m
  • C. ₤ 60,000m
  • D. ₤ 14,000m

50. Gross national expenditure at factor cost is_________

  • A. ₤ 88,000m
  • B. ₤ 82,000m
  • C. ₤ 74,000m
  • D. ₤ 72,000m
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ademoye akeem
ademoye akeem
10 months ago

nice website……

5 1 vote
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