Economics 2018 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.

21.  When elasticity is zero, the demand curve is_____________

  • A. circular
  • B. downward sloping
  • C. perfectly inelastic
  • D. concave

22.  Which of the following is not a direct tax?

  • A. capital gains tax
  • B. purchase tax
  • C. personal income tax
  • D. capital tax

23.  A limited liability company is owned by________________

  • A. a bank
  • B. an individual
  • C. two or more partners
  • D. share holders

24.  If the price of a ball point pen falls from N1.00 to No.60 and the quantity demanded increases. from 200 to 300, the point elasticity of demand is equal to____________

  • A. 0.50
  • B. 0.40
  • C. 1.25
  • D. 0.80

25.  If the price elasticity of demand for a good is 0.43 an increase in the price of the good will result in____________

  • A. a decrease in profit by 43%
  • B. an increase in profit by 43%
  • C. a net loss
  • D. a net gain

26.  The money paid per hour for work done is_________

  • A. cost
  • B. salary
  • C. bonus
  • D. wage rate


From the graph above the consumer will attain equilibrium at point_______________

  • A. J
  • B. K
  • C. M
  • D. L

28.  By utility we mean____________

  • A. beneficial
  • B. power of satisfying a want
  • C. advantageous
  • D. consumable

29.   Concentrating industries in one place is advantageous because there are gains in terms of_____________

    • A. cost economies
    • B. economies of scale
    • C. internal economies
    • D. external economies

30.   The effects on the demand for product A caused by a change in the price of product B is Called____________

  • A. Joint demand
  • B. cross-elasticity of demand
  • C. elasticity of supply
  • D. competitive demand

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