Jamb Economics Past Questions For Year 2008
Question 16
If income rises from N2000 to N4000 and quantity demanded increase from 80 units to 120 units, find the income elasticity of demand
- A. 0.5
- B. 1.2
- C. 2.5
- D. 4.0
Question 17
A major determinant of the demand for a luxury goods is
- A. the price of the goods
- B. the price of other goods
- C. the income of consumers
- D. tastes and fashion
Question 18
If 100 units and 120 units of commodity X are supplied at N80 at different times, it means that there is
- A. a change in supply
- B. a change in the quantity supplied
- C. an increase in the quantity supplied
- D. a increase in the quantity supplied
Question 19
The use of modern weaving machines in the production of local fabric will result in
- A. an increase in the demand for labour
- B. a decrease in the demand for labour
- C. an increase in wages
- D. a decrease in wages
Question 20
To protect farmers during a bumper harvest,. the government usually
- A. set a maximum price
- B. release products from the buffer stock
- C. sell the excess to consumers
- D. set a minimum price
