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Economics 2017 JAMB Past Questions

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31
Which of the following is NOT illustrated by the production possibility curve
  • A. Risk
  • B. Scarcity
  • C. Opportunity cost
  • D. Allocative efficiency
View Answer & Discuss JAMB 2017
32

Which of the following statement is TRUE about ECOWAS?

  • A. The aim of ECOWAS is to ensure economic stability
  • B. Bigger state in the community dominate the small state
  • C. Members of the ECOWAS community can form cartel and create monopolies
  • D. English is the only official language of ECOWAS
View Answer & Discuss (3) JAMB 2017
33
The equilibrium price clears the market; it is the price at which___________
  • A. Everything is sold
  • B. Buyers spend all their money
  • C. Excess demand is zero
  • D. None of the above
View Answer & Discuss JAMB 2017
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34

The graph above shows;

  • A. a decrease in quantity supplied
  • B. an increase in supply
  • C. a decrease in supply
  • D. an increase in quantity
View Answer & Discuss (1) JAMB 2017
35
Goods sold in perfectly competitive markets are generally
  • A. homogenous
  • B. intermediate and final
  • C. durable and non-durable
  • D. heterogeneous
View Answer & Discuss JAMB 2017
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