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Economics 2022 JAMB Past Questions

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16

A country's budget allocation to various sectors of the economy is shown in the pie chart above...
Use it to answer this question

What is the ratio of expenditure on health to Agriculture if the yearly budget is 7200?

  • A. 2: 3
  • B. 3:4
  • C. 4:3
  • D. 5:4
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17

A consumer of a single commodity is in equilibrium when

  • A. he can equate his demand with price
  • B. he equates marginal utility and price
  • C. he can equate his marginal and total utilities
  • D. his marginal utility is equal to zero
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18

If the government imposes a minimum price on a commodity

  • A. market surplus occurs
  • B. the market will be cleared in the short-run
  • C. excess demand occurs
  • D. government regulation is no longer needed
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19

A minimum price legislation is also called

  • A. price ceiling
  • B. price floor
  • C. price control
  • D. price mechanism
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20

Which of the following factors is not a cause of diminishing returns?

  • A. Increase in variable inputs
  • B. Land fragmentation
  • C. Constant technology
  • D. Technological innovations
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts