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Economics 2015 JAMB Past Questions

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6

In which situation is it likely that the demand for labour would be inelastic?

  • A. Labour and capital are close substitutes
  • B. Labour costs are only a small proportion of total costs
  • C. Demand for the final product that the labour produces is elastic
  • D. A large quantity of unemployed labour is available in the economy
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7

The headquarter of the Organization Of Petroleum Exporting Countries (OPEC) is in

  • A. Paris, France
  • B. Geneva, Switzerland
  • C. Lagos, Nigeria
  • D. Vienna, Austria
View Answer & Discuss (4) JAMB 2015
8
What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?
  • A. The industry has many differentiated products
  • B. The industry is characterized by rapid technological change
  • C. The industry consist of large number of producers
  • D. There are significant barriers to prevent firms entering the market
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9
A commercial bank can create money by
  • A. issuing currency
  • B. increasing cash ratio
  • C. issuing cheque
  • D. lending to borrowers
View Answer & Discuss (1) JAMB 2015
10

The source of all economic problems arises from

  • A. wants
  • B. Scarcity
  • C. Opportunity Cost
  • D. Scale of Preference
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