JAMB Economics questions

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

All JAMB WAEC

Question 341· Theory of price determination· JAMB
A tax on a good shifts its supply curve
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Answer: B. upward to the left
Explanation and discussion
Question 342· Theory of price determination· JAMB
The equilibrium price of a commodity is the price at which
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Answer: D. quantity demanded equals quantity supplied
Explanation and discussion
Question 343· Theory of price determination· JAMB
Hoarding of goods by traders usually leads to
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Answer: C. artificial scarcity and higher prices
Explanation and discussion
Question 344· Theory of price determination· JAMB
If both demand and supply increase by the same amount, equilibrium
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Answer: C. quantity rises and price is unchanged
Explanation and discussion
Question 345· Theory of price determination· JAMB
If supply falls while demand stays the same, the equilibrium
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Answer: A. price rises and quantity falls
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Question 346· Theory of price determination· JAMB
Using Qd = 100 − 4P and Qs = 6P − 20, find the equilibrium quantity.
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Answer: D. 52
Explanation and discussion
Question 347· Theory of price determination· JAMB
If demand for a good increases while supply is unchanged, the equilibrium price will
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Answer: B. rise
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Question 348· Theory of production· JAMB
The short run in production is a period in which
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Answer: B. at least one factor is fixed
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Question 349· Theory of production· JAMB
Which of the following is primary production?
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Answer: C. farming
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Question 350· Theory of production· JAMB
The law of diminishing returns operates when
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Answer: D. more units of a variable factor are added to a fixed factor
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Question 351· Theory of production· JAMB
Increasing returns to scale occur when
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Answer: C. output increases by a greater proportion than inputs
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Question 352· Theory of production· JAMB
Tertiary production includes
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Answer: A. banking and transport services
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Question 353· Theory of production· JAMB
Six workers produce a total of 120 units. Find the average product of labour.
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Answer: C. 20 units
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Question 354· Theory of production· JAMB
Total product rises from 100 units to 130 units when a fifth worker is employed. The marginal product of the fifth worker is
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Answer: D. 30 units
Explanation and discussion
Question 355· Theory of production· JAMB
Ten workers produce 200 units and eleven workers produce 215 units. The marginal product of the eleventh worker is
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Answer: D. 15
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Question 356· Theory of production· JAMB
Division of labour is limited mainly by the
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Answer: A. size of the market
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Question 357· Theory of production· JAMB
A firm enjoys external economies of scale when
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Answer: B. the whole industry grows in an area
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Question 358· Theory of production· JAMB
Total product is 40 with 4 workers and 48 with 5 workers. The marginal product of the 5th worker is
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Answer: A. 8
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Question 359· Theory of production· JAMB
Economies of scale that arise from the growth of the whole industry are
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Answer: B. external economies
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Question 360· Theory of production· JAMB
An example of an internal economy of scale is
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Answer: B. discounts from buying raw materials in bulk
Explanation and discussion

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JAMB Economics questions

A tax on a good shifts its supply curve

The equilibrium price of a commodity is the price at which

Hoarding of goods by traders usually leads to

If both demand and supply increase by the same amount, equilibrium

If supply falls while demand stays the same, the equilibrium

Using Qd = 100 − 4P and Qs = 6P − 20, find the equilibrium quantity.

If demand for a good increases while supply is unchanged, the equilibrium price will

The short run in production is a period in which

Which of the following is primary production?

The law of diminishing returns operates when

Increasing returns to scale occur when

Tertiary production includes

Six workers produce a total of 120 units. Find the average product of labour.

Total product rises from 100 units to 130 units when a fifth worker is employed. The marginal product of the fifth worker is

Ten workers produce 200 units and eleven workers produce 215 units. The marginal product of the eleventh worker is

Division of labour is limited mainly by the

A firm enjoys external economies of scale when

Total product is 40 with 4 workers and 48 with 5 workers. The marginal product of the 5th worker is

Economies of scale that arise from the growth of the whole industry are

An example of an internal economy of scale is