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1997 - JAMB Economics Past Questions and Answers - page 2

11

Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?

A
20 and 80
B
30 and 120
C
40 and 60
D
60 and 240
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12

If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?

A
the equilibrium price and quantity will increase
B
only the price will increase
C
only the quantity will increase
D
the price will remain constant
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13

The elasticity of demand for a firm's product is 2.

If the firm reduces its price by 20 percent, its sales revenue will increase by?

A
10 per cent
B
20 per cent
C
30 per cent
D
40 per cent
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14

If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?

A
less than one
B
equal to one
C
greater than one
D
equal to zero
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15

A market where there are many differentiated products is called?

A
monopoly
B
perfect competition
C
monopolistic competition
D
oligopoly
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16

The best channel of distribution of baked bread is through?

A
wholesalers to retailers then to consumers
B
direct sales to consumers
C
wholesalers to consumers
D
retailers to consumers
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17

A form of business organization which is characterized by limited authority and liability of individual owners is the?

A
sole proprietorship
B
partnership
C
joint stock company
D
co-operative society
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18

The shares that must be redeemed first at liquidation of a company are?

A
preference shares
B
non-voting ordinary shares
C
ordinary shares
D
debentures
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19

The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?

A
increase their output
B
decrease their output
C
keep their output constant
D
hoard their output
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20

The most important requirement for increasing agriculture output in Nigeria is?

A
for the government to go into large scale farming
B
to employ relevant foreign technology and reform the land tenure system
C
to increase farmers'incomes and improve the farming techniques
D
to employ more extension workers
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