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Economics 1981 JAMB Past Questions

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16
Economics may be defined as?
  • A. the study of money and banking
  • B. the study of markets and prices
  • C. the study of production and distribution
  • D. the study of human behaviour in the allocation of scarce resources
  • E. the study of the employment of labour, land, and capital
View Answer & Discuss (1) JAMB 1981
17
Elasticity of demand is given by
  • A. the prcentage change in quantity demanded divided by the corresponding percentage change in price
  • B. the percentage change in price divided by the corresponding percentage change in quantity demanded
  • C. the percentage change in quantity demanded divided by the corresponding price
  • D. the percentage change in price divided by the corresponding quantity demanded
  • E. none of the above
View Answer & Discuss (3) JAMB 1981
18
If a commodity has many substitutes, it is most likely that?
  • A. the demand curve is fairly inelastic
  • B. the demand curve is fairly elastic
  • C. the demand curve is paraell to the quantity axis
  • D. the demand curve is positively sloped
  • E. the price of the commodity is too high
View Answer & Discuss (2) JAMB 1981
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19
Which of the following statement does NOT describe a situation of perfect competition.?
  • A. The firm faces an infinitely elastic demand curve
  • B. The firm makes no pure profit in the short run
  • C. The price does not change with changes in the output level of the firm
  • D. There is freedom of entry into, and exit out of the industry
  • E. The firm can sell all it produces at the market price
View Answer & Discuss (1) JAMB 1981
20
Surplus in balance of payment leads to?
  • A. inflation or increasing prices generally
  • B. increases in foreign reserves
  • C. decreases in foreign reserves
  • D. Government budget surplus
  • E. none of the above
View Answer & Discuss (1) JAMB 1981
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