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?
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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