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Economics 2021 JAMB Past Questions

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36

The price mechanism______

  • A. Rations the consumers
  • B. Rewards the producers
  • C. Regulates supply and demand
  • D. Allocates scarce resources.
View Answer & Discuss (6) JAMB 2021
37

If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  • A. Progressive
  • B. Proportional
  • C. Indirect
  • D. Regressive
View Answer & Discuss (3) JAMB 2021
38

Which of these is not usually the function of a wholesaler?

  • A. Branding
  • B. Storage
  • C. Transport
  • D. Advertising
View Answer & Discuss (1) JAMB 2021
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39

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

  • A. Zero
  • B. 10
  • C. 2
  • D. 1
View Answer & Discuss (5) JAMB 2021
40

By utility we mean________

  • A. Uselessness
  • B. Power of satisfying a want
  • C. Beneficial
  • D. Consumable
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