1990 - JAMB Economics Past Questions and Answers - page 2
11
Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?
A
Cost of production is at a medium
B
The plant is of optimum size
C
Price is above marginal revenue
D
Average variable cost is at a minimum
12
Which of the following is the major function of the wholesaler?
A
Bulk breaking
B
Provision of useful information to th manufacturer on products
C
Provision of after-sales services to consumers
D
Provision of warehouse facility
13
In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ?
A
quantity discounts allowed final consumer
B
reward for business enterpreneurship
C
effectiveness of government control over the economy's marketing channels
D
extent of exploitation of the final consumer
14
Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain?
A
To provide the quantity needed by retailers
B
To collect useful information on his product
C
To provide warehousing facilities
D
To violate government regulation on distribution
15
A major difference between a state-owned enterprise and a private enterprise is that the former?
A
is not expected to cover its costs of production while the latter is
B
is not always expected to maximize profits while the latter is
C
has shareholders while the latter does not
D
has a board of directors while the latter does not
16
Divorce of ownership from control is a characteristic of?
A
sole properitorship
B
a limited liability company
C
partnership
D
a private limited company
17
Capital provided by individuals to the firm by purchasing stocks is called?
A
debt capital
B
fixed capital
C
circulating capital
D
equlity capital
18
Which of the following factors is the most important in siting a petrol-chemical plants?
A
Nearness to the source of raw materials
B
Nearness to the source of power
C
Availability of labour
D
Proximity to financial institutions
19
Which of the following will be the effect of allowing only economic factors to dedicate the location of industries in Nigeria?
A
A more even development of the different parts of the country will be assured
B
There will be an unbalanced spread in the distribution of industries
C
The less developed parts of the country will be able to attract more industries
D
Only the government will be able to finance the establishment of industries
20
If the same basket of goods which cost N12.00 in 1985 cost N15.00 in 1987, price index for 1987 is?
A
25
B
80
C
100
D
125
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