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Economics 2001 JAMB Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
1
If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?
  • A. an increase in profit by 43%
  • B. a net gain
  • C. a decrease in profit 43%
  • D. a net loss
View Answer & Discuss (8) JAMB 2001
2
In a free market economy, the price system allocates resources?
  • A. under government's directives
  • B. to ensure general welfare
  • C. to their best alternatives
  • D. to reduce poverty
View Answer & Discuss JAMB 2001
3
At the consumer equilibrium, the slope of the indifference curve is?
  • A. half the slope of the budget constraint line
  • B. equal to the slope of the budget constraint line
  • C. greater than the slope of the budget constraint line
  • D. less than the slope of the budget constraint line
View Answer & Discuss (1) JAMB 2001
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
4
For a supply curve, an increase in the price of a commodity will result in?
  • A. a decrease in supply
  • B. a decrease in the quantity supplied
  • C. an increase in supply
  • D. an increase in the quantity supplied
View Answer & Discuss JAMB 2001
5
A normal good with close substitutes is likely to have its price elasticity of demand?
  • A. between zero and one
  • B. equal to unity
  • C. less than unity
  • D. greater than unity
View Answer & Discuss (1) JAMB 2001
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