Jamb 2017 Economics Past Questions And Answers
1
When the government fix the price of essential commodities, this is referred to as:
- A. Price equilibrium
- B. Price control
- C. Demanded price
- D. Asking price
2
From the table below, the average product of the 3rd unit of labour is
- A. 50
- B. 70
- C. 350
- D. 150
3
One of the functions of the price system is that it
- A. encourages high volume of production
- B. dictates what the citizens will consume
- C. discourages the consumption of harmful goods
- D. regulates production and consumption
4
Goods sold in perfectly competitive markets are generally
- A. homogenous
- B. intermediate and final
- C. durable and non-durable
- D. heterogeneous
5
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
- A. favourable soil
- B. coal deposit
- C. crude oil deposit
- D. favourable climate
6
Which of the following is NOT illustrated by the production possibility curve
- A. Risk
- B. Scarcity
- C. Opportunity cost
- D. Allocative efficiency
7
Which modal of the factor is inelastic?
- A. Wages
- B. capital
- C. labour
- D. land
8
The equilibrium price clears the market; it is the price at which___________
- A. Everything is sold
- B. Buyers spend all their money
- C. Excess demand is zero
- D. None of the above
9
One of the unique features that distinguishes the perfect and imperfect market condition is _________
- A. profit motive principles
- B. absence of price control board
- C. price determines production and distribution
- D. number of sellers and buyers
10
Which of the following institutions does not operate in the money market?
- A. central bank
- B. mortgage banks
- C. money deposit banks
- D. insurance companies