1991 - JAMB Economics Past Questions and Answers - page 2
11
The cross-elasticity of demand between complementary goods is?
A
unitary
B
positive
C
zero
D
negative
correct option: b
Users' Answers & Comments12
Resources are efficiently allocated when production takes place at that output where price equals?
A
marginal revenue
B
average variable cost
C
marginal cost
D
toal cost
correct option: a
Users' Answers & Comments13
Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?
A
monopolist charges a lower price than the perfect competitior
B
perfect competitior charges a lower price and produces a large output than the monopolist
C
perfect competitior produces a smaller output than the monopolist
D
monopolist charges a lower price and produces a larger output than the perfect competitor
correct option: b
Users' Answers & Comments14
In a perfectly competitive market, the firm is in long-run equilibrium at the output where?
A
marginal cost is minimum
B
average cost is minimum
C
total cost is minimum
D
marginal cost revenue is maximum
correct option: b
Users' Answers & Comments15
The ordinary partner in a partnership?
A
takes no active in the management of the business
B
has limited liability in case of business failure
C
has unlimited liability in case of business failure
D
cannot be sued personally on matters relating to the business
correct option: c
Users' Answers & Comments16
A possible factor which limits the extent of growth of a firm is the?
A
existence of a monoploy
B
bureaucratic delays in decision-making
C
use of by-products
D
unwillingness to share ownership and control
correct option: d
Users' Answers & Comments17
One of the most outstanding disadvantages of co-operative societies as business organization is that?
A
true spirit of co-operation is marred by delegated authority
B
members show much interest
C
it is poorly financed
D
membership interest is centred on sharing of essential commodities
correct option: c
Users' Answers & Comments18
A disadvantage of a joint-stock company is?
A
unlimited liability
B
limited liability
C
continuity
D
loss of controlling interest
correct option: d
Users' Answers & Comments19
A characteristic of a debenture is that?
A
its yeild is based on profits
B
its yeild is a fixed rate of interest
C
it has no redemption date
D
there is a voting right when interest is paid
correct option: b
Users' Answers & Comments20
Industries tend to be located closer to market centers than to the sources of major raw materials if the?
A
products are relatively cheap to transport to market centers
B
products are relatively more expensive to transport than the major raw materials
C
raw marterials are bulky
D
raw marterials can also be imported
correct option: b
Users' Answers & Comments