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2000 - JAMB Economics Past Questions and Answers - page 5

41
The supply of commodity II increasing from S 1 S 1 to S 2 S 2
A
Moves the price below OP 2
B
Leads to a fall in price from OP 1 to OP 2
C
Increases the price from OP 2 to OP 1
D
Moves the price to OP 1
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42
Commodities I and II are
A
competitive supply
B
Substitute supply
C
Joint supply
D
Derived supply
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43
In the diagram L1L1 and L2L2 are budget lines. 1112 and 1 3 are indifference curves. which points are optimal?
A
U and W
B
V and W
C
U and Z
D
Y and Z
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44
The average product Y is
A
15.5
B
14.6
C
12.0
D
8.0
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45
The marginal product X is
A
18
B
20
C
24
D
25
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46
In a price-taking firm, the portion UT above is the firm's
A
average revenue curve
B
Long-run average cost curve
C
demand curve
D
supply curve
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47
If the pass mark was 40. how many students passed the examination?
A
100
B
120
C
160
D
200
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48
How many student took the examination?
A
280
B
240
C
200
D
80
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49
The firm whose sales and total revenue of the commodity as given in the table is
A
a monopolist
B
a monopolistic competitor
C
an oligopolist
D
a perfect competitor
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50
In the diagram above W 1, W 2, W 3 and W 4 are different wage rates. The minimum wage rate is
A
W 1
B
W 2
C
W 3
D
W 4
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