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Economics 2022 JAMB Past Questions

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46

Producers operating in a free market economy are more efficient as a result of

  • A. the existence of competition
  • B. the very few number of participants
  • C. the commitment of the shareholders
  • D. government regulation of their activities
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47

In a pie chart, the population of a city is represented by 45. If the country has a population of 10 million people, then the city's population is?

  • A. 0.0045 million
  • B. 4.5 million
  • C. 1.25 million
  • D. 16 million
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48

A downward sloping demand curve means that

  • A. total revenue declines as price is lowered
  • B. demand falls as output increases
  • C. demand falls as output falls
  • D. price must be lowered to sell more
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49

If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are

  • A. substitutes
  • B. complements
  • C. inferior goods
  • D. bought together
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50

An exceptional demand curve can result from

  • A. increase in price of raw materials
  • B. increase in the size of the population
  • C. expectation of future price increase
  • D. change in taste of consumer
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