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Economics 2016 JAMB Past Questions

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46

Which of the following can cause oil glut in the International market?

  • A. Excess demand over supply
  • B. Under- capacity utilization
  • C. Excess supply over demand
  • D. Economic boom
View Answer & Discuss JAMB 2016
47
\(\begin{array}{c|c}
Price (N) & 20 & 16 \\
\hline
\text{Quantity demanded} & 100 & 58
\end{array}\)

From the table above, the elasticity of supply is_____?
  • A. Inelastic supply
  • B. Perfectly elastic
  • C. Elastic supply
  • D. Unitary elastic
View Answer & Discuss JAMB 2016
48

Localization of industry is encouraged because of

  • A. Low interest charges on loans
  • B. High standard of living
  • C. Low foreign exchange rate
  • D. Improvements in infrastructure
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49

A company's expenditure on raw materials is termed as_______?

  • A. Prime cost
  • B. Explicit cost
  • C. Average cost
  • D. Implicit cost
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