2000 - JAMB Economics Past Questions and Answers - page 1
Economic can be defined as?
(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(IV) How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.
In a capitalist economy, the economic problem of what goods to produce is decided mainly by?
Which of the following is an example of derived demand?
Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.
Determined the cross elasticity of demand?
Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.
The two commodities can be classified as?
A central argument of cardinal utility is that utility is?
In a free market system, trading can only take place when the?
The condition for equilibrium price and quantity under perfect competition is?
In a small scale business, the fixed cost is N5,000, variable cost is N15,000 and the output is 500 units. What will be the unit cost of the goods?