# Economics 2019 Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

11. The arithmetic mean of 5, 8, 10, 15, 24 and 28 is_______

• A. 145
• B. 15
• C. 90
• D. 6

12. A method of analysis that draws conclusions from data rather than general Principles already known is________

• A. Deductive reasoning
• B. Inductive reasoning
• C. Normative reasoning
• D. Positive reasoning

13.  The money market equilibrium is defined as_________

• A. when the demand and supply of money are equal
• B. when demand is greater than supply of money
• C. when demand is less than supply of money
• D. when supply is greater than demand for money

14. An economic condition in which much reduced economic activity co-exists with inflation is referred to as__________

• A. stagflation
• B. inflationary spiral
• C. slump inflation
• D. inflationary gap

15. An Instrument used by the central bank to fix commercial and merchant banks total credit to domestic economy is________

• A. monetary policy
• B. fiscal policy
• C. credit ceiling
• D. open market operation

16. Restrictive monetary policy is designed to curtail aggregate demand and to overcome________

• A. Deflation
• B. Reinflation
• C. Disinflation
• D. Inflationary gap

17. The average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

• A. Economies of scale
• B. Money cost
• C. Opportunity cost
• D. Cost functions

18. The most important cost curve for the firm is_________

• A. MC
• B. AC
• C. TC
• D. FC

19. In the case of highly or close complementary goods, the indifference curve is_______

• A. A straight line
• B. A right-angled
• C. L – shaped
• D. Curvature

20.

One of these is not an assumption of the cardinalist theory of utility?

• A. The consumer is rational
• B. Diminishing marginal utility
• C. The concept of money utility
• D. Consistency and transivity of choice

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