JAMB Economics questions

378 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 321· Theory of demand· JAMB
Demand is unitary elastic when
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Answer: D. the percentage change in quantity equals the percentage change in price
Explanation and discussion
Question 322· Theory of demand· JAMB
Demand for a good is price elastic when
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Answer: A. a small price change causes a large change in quantity demanded
Explanation and discussion
Question 323· Theory of demand· JAMB
When demand is price inelastic, a rise in price will
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Answer: D. increase total revenue
Explanation and discussion
Question 324· Theory of demand· JAMB
A good with a negative income elasticity of demand is
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Answer: A. an inferior good
Explanation and discussion
Question 325· Theory of demand· JAMB
Cars and petrol are
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Answer: A. complementary goods
Explanation and discussion
Question 326· Theory of demand· JAMB
A fall in the price of a good leads to
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Answer: C. an extension (increase) in quantity demanded
Explanation and discussion
Question 327· Theory of demand· JAMB
The demand for labour is an example of
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Answer: D. derived demand
Explanation and discussion
Question 328· Theory of demand· JAMB
A good whose quantity demanded rises when its price rises, contrary to the law of demand, is a
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Answer: D. Giffen good
Explanation and discussion
Question 329· Theory of demand· JAMB
When income rises from ₦100,000 to ₦120,000, demand for a good rises from 50 to 60 units. The income elasticity of demand is
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Answer: D. 1
Explanation and discussion
Question 330· Theory of demand· JAMB
The price of tea rises and the demand for coffee increases. Tea and coffee are
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Answer: C. substitutes
Explanation and discussion
Question 331· Theory of demand· JAMB
A good with perfectly inelastic demand has a demand curve that is
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Answer: A. vertical
Explanation and discussion
Question 332· Theory of price determination· JAMB
Qd = 100 − 4P and Qs = 6P − 20. Find the equilibrium price.
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Answer: C. 12
Explanation and discussion
Question 333· Theory of price determination· JAMB
If Qd = 100 − 4P and Qs = 6P, the equilibrium quantity is
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Answer: A. 60
Explanation and discussion
Question 334· Theory of price determination· JAMB
A minimum wage fixed above the equilibrium wage is likely to cause
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Answer: D. unemployment
Explanation and discussion
Question 335· Theory of price determination· JAMB
Equilibrium price is reached where
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Answer: A. quantity demanded equals quantity supplied
Explanation and discussion
Question 336· Theory of price determination· JAMB
Rationing is often introduced along with
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Answer: D. maximum price control
Explanation and discussion
Question 337· Theory of price determination· JAMB
A minimum price fixed above the equilibrium price causes
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Answer: C. a surplus
Explanation and discussion
Question 338· Theory of price determination· JAMB
The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.
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Answer: B. ₦20
Explanation and discussion
Question 339· Theory of price determination· JAMB
If the government fixes a maximum price below the equilibrium price, the likely result is
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Answer: C. a shortage and the rise of black markets
Explanation and discussion
Question 340· Theory of price determination· JAMB
A price floor set above the equilibrium price leads to
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Answer: C. a surplus
Explanation and discussion

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JAMB Economics questions

Demand is unitary elastic when

Demand for a good is price elastic when

When demand is price inelastic, a rise in price will

A good with a negative income elasticity of demand is

Cars and petrol are

A fall in the price of a good leads to

The demand for labour is an example of

A good whose quantity demanded rises when its price rises, contrary to the law of demand, is a

When income rises from ₦100,000 to ₦120,000, demand for a good rises from 50 to 60 units. The income elasticity of demand is

The price of tea rises and the demand for coffee increases. Tea and coffee are

A good with perfectly inelastic demand has a demand curve that is

Qd = 100 − 4P and Qs = 6P − 20. Find the equilibrium price.

If Qd = 100 − 4P and Qs = 6P, the equilibrium quantity is

A minimum wage fixed above the equilibrium wage is likely to cause

Equilibrium price is reached where

Rationing is often introduced along with

A minimum price fixed above the equilibrium price causes

The demand and supply functions of a good are Qd = 100 − 2P and Qs = 20 + 2P. Find the equilibrium price.

If the government fixes a maximum price below the equilibrium price, the likely result is

A price floor set above the equilibrium price leads to