Economics 2009 Jamb Examination
Economics 2009 Jamb Examination
Question 41
The short-run supply curve for medical doctors is more likely to be
In the short run, the number of qualified doctors cannot easily change, so the supply is perfectly inelastic.
Not clear enough?
Question 42
If the price of an item changes by 8% and quantity supplied changes from 600 units to 660 units, the price elasticity of supply is
Elasticity of supply = % change in quantity supplied ÷ % change in price.
% change in quantity = (660 - 600)/600 × 100 = 10%.
Elasticity = 10% ÷ 8% = 1.25.
% change in quantity = (660 - 600)/600 × 100 = 10%.
Elasticity = 10% ÷ 8% = 1.25.
Not clear enough?
Question 43
A decrease in supply without a corresponding change in demand will lead to
When supply falls while demand remains constant, equilibrium price rises and equilibrium quantity falls.
Not clear enough?
Question 44
A typical feature of a market economy is that
In a market economy, consumers determine what is produced through their purchasing choices, showing consumer sovereignty.
Not clear enough?
Question 45
A cumulative frequency graph is
A cumulative frequency graph is called an ogive.
Not clear enough?
Question 46
The privatization exercise in Nigeria is a move towards a
Privatization shifts ownership from government to private individuals, aligning with a market economy.
Not clear enough?
Question 47
A movement along the same demand curve is caused by the
A movement along the demand curve results from a change in the price of the product itself.
Not clear enough?
Question 48
The demand curve for a luxury good is
Luxury goods often show a positively sloped demand curve (Veblen effect) as higher prices may increase demand due to status value.
Not clear enough?
Question 49
Musa has a choice of buying a shirt, a book and a bag. What is the opportunity cost of buying a book?
Opportunity cost is the next best alternative forgone. Choosing a book means giving up both the shirt and the bag.
