1999 - JAMB Economics Past Questions and Answers - page 2
11
One of the characteristics of an imperfect market is the?
A
large number of buyers and sellers in the market
B
awareness of market conditions by buyers
C
availability of substitutes
D
heterogenetity of products
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12
A characteristic of the average fixed cost is that, it?
A
rises and falls faster than the marginal cost
B
is U-shaped and intersects the price axis
C
is always higher than the average variable cost
D
falls continuously but is never equal to zero
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13
In a perfect competition, every firm is a price?
A
maker
B
taker
C
giver
D
bidder
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14
Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?
Find the average total cost of producing one units?
A
N 60
B
N 45
C
N 35
D
N 30
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15
Which of the following falls continuously as output expands?
A
Average fixed cost
B
Marginal cost
C
Average variable cost
D
Average cost
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16
A major obstacle to rapid agricultural development in Nigeria is the?
A
ineffective use of crude implements
B
inability of farmers to adopt modern technology
C
introduction of the Green Revolution programme
D
declining population growth rate
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17
The land tenure system in Nigeria impedes agricultural production because?
A
land fragmentation makes possible easy access to land ownership
B
it discourages specialization of factors of production
C
it limits opportunity for mass production of agricultral goods
D
small land holders generally do not get enough fertilizer to use
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18
The major problem of cooperative societies in Nigeria is that?
A
they often lack cohersion and continuity
B
their liability is unlimited to members
C
voting is by proxy
D
their management style is poor
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19
The primary objective of establishing the Export Process Zone is to?
A
facilitate agricultural production
B
encourage the production and processing of export commodities
C
erect imported raw materials
D
erect economic structures near the port
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20
The first petroleum exploring company to discover crude petroleum in Nigeria was?
A
Mobil
B
Texaco
C
Agip
D
Shell-BP
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