1991 - JAMB Economics Past Questions and Answers - page 1

in market economy, the question of what, how and for whom to produce are solved the

Economic goods are termed scarce goods when they are?

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

Macroeconomics is a study of economics science from the point of view of?

If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?

At any given level of output, the total cost of a firm equals the?

At any given level of output, a firm's total variable cost equals ?

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?

If a society is operating on the production possibility curve, this implies that the resources are?

A market is in disequilibrium if?