1995 - JAMB Economics Past Questions and Answers - page 1

Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?

The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?

The effect of changes in the condition of demand on a demand schedule with the price constant is?

Which of the following statement is TRUE of the effect of changes in demand and supply on price?

In a free market economy, available resources are more efficiently allocated by complete reliance on?

In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?

What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?

If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500.

Both in the short run and in the long run, a firm maximizes its profits when?

Stocking small quantities of a variety of goods is a function of the?