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Economics 2017 JAMB Past Questions

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6
Petro-chemical industries are located in the Rivers State of Nigeria because of ________?
  • A. favourable soil
  • B. coal deposit
  • C. crude oil deposit
  • D. favourable climate
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7
The bowed shape of the Production possibilities curve illustrates _________
  • A. that production is inefficient
  • B. that demand is relatively inelastic
  • C. that production is unattainable
  • D. the law of increasing marginal cost
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8

Which of the following is an indicator of economic growth?

  • A. High tax rate
  • B. Technology development
  • C. High gross domestic product
  • D. High interest rate
View Answer & Discuss (3) JAMB 2017
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9
The graph above represents _______
  • A. a decrease in quantity supplied
  • B. an increase in supply
  • C. a decrease in supply
  • D. an increase in quantity supplied
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10
The law of diminishing marginal utility states:
  • A. The supply curve slopes downward
  • B. Your utility grows at a slower and slower rate as you consume more and more unit of a good.
  • C. The elasticity of demand is infinite
  • D. None of the above
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