Jamb Economics Past Questions For Year 2006
Question 1
The price index is calculated as
- A. \(\frac{\text{weighted price}}{\text{current price}} x \frac{100}{1}\)
- B. \(\frac{\text{base year price}}{\text{current price}} x \frac{100}{1}\)
- C. \(\frac{\text{current price}}{\text{weighted price}} x \frac{100}{1}\)
- D. \(\frac{\text{current price}}{\text{base year price}} x \frac{100}{1}\)
Question 2
| Number of Men | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| Total product(Unit) | 200 | 440 | 540 | 600 | 640 | 660 | 660 | 640 |
What is the average product when 3 men are employed?
- A. 120 units
- B. 540 units
- C. 100 units
- D. 180 units
Question 3
A constraint on the expansion of a firm is the
- A. Rate of advertisement
- B. Level of producers income
- C. Tastes of the consumers
- D. Size of the market
Question 4
The law of demand can be expressed as
- A. P = f(Q d)
- B. Q d = f(\(\frac{1}{p}\)
- C. P = f(\(\frac{1}{Q_d}\)
- D. Qd = f(P)
Question 5
A movement from K to M will
- A. decrease the consumer's utility
- B. increase the price of the commodity
- C. increase the consumer's utility
- D. leave consumer's utility unchanged
