1993 - JAMB Economics Past Questions and Answers - page 2
11
If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?
A
marginal revenue of the enterprise
B
marginal revenue product of labour in the enterprise
C
average revenue of the enterprise
D
marginal cost of production
correct option: b
Users' Answers & Comments12
If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?
A
greater than the equilibrium supply
B
smaller than the equilibrium supply
C
the same as the equilibrium supply
D
a determinant of the market forces of equilibrium
correct option: b
Users' Answers & Comments13
If the price elasticity of demand for a certain commodity is less than unity, then?
A
an increase in the price of the commodity will raise the total revenue of the producer
B
an increase in price leaves the total revenue unchanged
C
a decrease in price raises the total revenue of the supplier
D
a decrease in price leaves the total revenue constant
correct option: a
Users' Answers & Comments14
At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`
A
price is always equal to marginal cost
B
supply is always equal to demand
C
price is always higher than marginal cost
D
there are always many buyers and many sellers
correct option: a
Users' Answers & Comments15
Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`
i Breaking the bulk
ii Packing the goods in smaller containers
iii Providing vital information
iv Grant credit facilities
i Breaking the bulk
ii Packing the goods in smaller containers
iii Providing vital information
iv Grant credit facilities
A
i and ii
B
i and iv
C
ii and iii
D
i, ii, iii and iv
correct option: a
Users' Answers & Comments16
Production is said to be completed when?
A
goods and services reach the consumers
B
prices of goods and services are determined
C
goods are sold to the wholesaler
D
goods are packaged
correct option: a
Users' Answers & Comments17
a debenture share entitles its holder to?
A
participate in the annual general meeting of the company
B
share in the dividends declared
C
recieve a fixed interest on sums invested
D
have a representative on the Board of Directors
correct option: c
Users' Answers & Comments18
A public liability company is different from a private limited company because i?
A
is registered with the registrar of companies
B
is a legal entity
C
can raise capital of size by way of loans
D
can sell shares in the stock exchange
correct option: d
Users' Answers & Comments19
A modern corporation is owned by?
A
debenture holders
B
ordinary shareholders
C
preference shareholders
D
creditors
correct option: b
Users' Answers & Comments20
Wheat grows best in?
A
tropical climate
B
temperate climate
C
equatorial climate
D
hot desert
correct option: b
Users' Answers & Comments