JAMB Economics questions

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

All JAMB WAEC

Question 361· Theory of production· JAMB
Diseconomies of scale cause long-run average cost to
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Answer: A. rise as the firm grows too large
Explanation and discussion
Question 362· Theory of production· JAMB
Diseconomies of scale occur when
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Answer: B. average costs rise as a firm grows too large
Explanation and discussion
Question 363· Theory of supply· JAMB
A supply curve normally slopes upwards because
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Answer: C. higher prices make it profitable to produce more
Explanation and discussion
Question 364· Theory of supply· JAMB
An indirect tax imposed on a commodity shifts its supply curve
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Answer: C. upwards to the left
Explanation and discussion
Question 365· Theory of supply· JAMB
The supply curve normally slopes
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Answer: B. upward from left to right
Explanation and discussion
Question 366· Theory of supply· JAMB
When the price of a good rises by 10%, the quantity supplied rises by 25%. The price elasticity of supply is
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Answer: A. 2.5 (elastic)
Explanation and discussion
Question 367· Theory of supply· JAMB
Beef and hides are an example of goods in
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Answer: B. joint supply
Explanation and discussion
Question 368· Theory of supply· JAMB
Price rises from ₦50 to ₦60 and quantity supplied rises from 100 to 130 units. The price elasticity of supply is
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Answer: B. 1.5
Explanation and discussion
Question 369· Theory of supply· JAMB
Composite supply refers to
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Answer: C. a good that can be supplied from several sources
Explanation and discussion
Question 370· Theory of supply· JAMB
In the short run, the supply of agricultural produce is relatively inelastic because
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Answer: C. it takes time for crops to grow
Explanation and discussion
Question 371· Theory of supply· JAMB
Supply is perfectly inelastic when
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Answer: B. quantity supplied does not change whatever the price
Explanation and discussion
Question 372· Theory of supply· JAMB
A farmer can use a plot of land for either maize or cassava. Maize and cassava are in
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Answer: B. competitive supply
Explanation and discussion
Question 373· Theory of supply· JAMB
A rise in the price of a good leads to
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Answer: C. an extension of supply
Explanation and discussion
Question 374· Theory of supply· JAMB
Which of the following will NOT shift the supply curve of maize?
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Answer: D. a change in the price of maize
Explanation and discussion
Question 375· Theory of supply· JAMB
An increase in the cost of production will shift the supply curve
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Answer: A. to the left
Explanation and discussion
Question 376· Theory of supply· JAMB
A government subsidy to producers of a good shifts the supply curve
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Answer: D. to the right
Explanation and discussion
Question 377· Theory of supply· JAMB
Supply is perfectly elastic when the supply curve is
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Answer: B. horizontal
Explanation and discussion
Question 378· Theory of supply· JAMB
Goods produced together such as petrol and kerosene from crude oil are in
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Answer: D. joint supply
Explanation and discussion

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JAMB Economics questions

Diseconomies of scale cause long-run average cost to

Diseconomies of scale occur when

A supply curve normally slopes upwards because

An indirect tax imposed on a commodity shifts its supply curve

The supply curve normally slopes

When the price of a good rises by 10%, the quantity supplied rises by 25%. The price elasticity of supply is

Beef and hides are an example of goods in

Price rises from ₦50 to ₦60 and quantity supplied rises from 100 to 130 units. The price elasticity of supply is

Composite supply refers to

In the short run, the supply of agricultural produce is relatively inelastic because

Supply is perfectly inelastic when

A farmer can use a plot of land for either maize or cassava. Maize and cassava are in

A rise in the price of a good leads to

Which of the following will NOT shift the supply curve of maize?

An increase in the cost of production will shift the supply curve

A government subsidy to producers of a good shifts the supply curve

Supply is perfectly elastic when the supply curve is

Goods produced together such as petrol and kerosene from crude oil are in