JAMB and WAEC Economics questions

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

All JAMB WAEC

Question 641· 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 642· Theory of demand· JAMB
The demand for labour is an example of
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Answer: D. derived demand
Explanation and discussion
Question 643· Theory of demand· WAEC
Price elasticity of demand is 2.5. Demand for the good is
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Answer: A. elastic
Explanation and discussion
Question 644· Theory of demand· WAEC
If a 10% fall in price leads to a 20% rise in quantity demanded, demand is
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Answer: C. elastic
Explanation and discussion
Question 645· Theory of demand· WAEC
Goods whose demand falls as income rises are
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Answer: B. inferior goods
Explanation and discussion
Question 646· 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 647· Theory of demand· WAEC
According to the law of demand, when all other factors remain constant,
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Answer: A. the lower the price, the higher the quantity demanded
Explanation and discussion
Question 648· Theory of demand· WAEC
When the price of a good rises from ₦100 to ₦120, quantity demanded falls from 50 to 40 units. Find the price elasticity of demand.
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Answer: B. 1
Explanation and discussion
Question 649· 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 650· Theory of demand· WAEC
Goods that are demanded together, such as cars and petrol, are said to have
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Answer: A. joint demand
Explanation and discussion
Question 651· Theory of demand· WAEC
The demand for salt is price-inelastic mainly because salt
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Answer: B. has no close substitute and takes a small part of income
Explanation and discussion
Question 652· 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 653· 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 654· Theory of demand· WAEC
Goods demanded together, such as cars and petrol, are
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Answer: A. complementary goods
Explanation and discussion
Question 655· 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 656· 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 657· Theory of price determination· WAEC
When government fixes a maximum price below equilibrium, the result is
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Answer: A. shortages and black markets
Explanation and discussion
Question 658· 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 659· Theory of price determination· WAEC
A minimum wage set above the market wage is likely to cause
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Answer: B. unemployment
Explanation and discussion
Question 660· Theory of price determination· JAMB
Equilibrium price is reached where
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Answer: A. quantity demanded equals quantity supplied
Explanation and discussion

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JAMB and WAEC Economics questions

A fall in the price of a good leads to

The demand for labour is an example of

Price elasticity of demand is 2.5. Demand for the good is

If a 10% fall in price leads to a 20% rise in quantity demanded, demand is

Goods whose demand falls as income rises are

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

According to the law of demand, when all other factors remain constant,

When the price of a good rises from ₦100 to ₦120, quantity demanded falls from 50 to 40 units. Find the price elasticity of demand.

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

Goods that are demanded together, such as cars and petrol, are said to have

The demand for salt is price-inelastic mainly because salt

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

Goods demanded together, such as cars and petrol, are

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

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

When government fixes a maximum price below equilibrium, the result is

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

A minimum wage set above the market wage is likely to cause

Equilibrium price is reached where