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Economics 2009 JAMB Past Questions

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6

The demand curve for a luxury good is

  • A. negatively sloped
  • B. parallel to the price axis
  • C. parallel to the quantity axis
  • D. positively sloped
View Answer & Discuss (1) JAMB 2009
7

A major assumption in cardinal utility theory is that

  • A. utility is measureable
  • B. utility is not measurable
  • C. total utility equals marginal utility
  • D. total utility is constant
View Answer & Discuss (6) JAMB 2009
8

A supply curve is positively sloped because

  • A. supply always exceeds demand
  • B. demand always exceeds supply
  • C. price is an incentive to consumers
  • D. price is an incentive to producers
View Answer & Discuss (1) JAMB 2009
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9
The short-run supply curve for medical doctors is more likely to be
  • A. perfectly elastic
  • B. perfectly inelastic
  • C. fairly inelastic
  • D. fairly elastic
View Answer & Discuss (1) JAMB 2009
10
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
  • A. 0.80
  • B. 1.25
  • C. 2.00
  • D. 10.00
View Answer & Discuss (4) JAMB 2009
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