2001 - JAMB Economics Past Questions and Answers - page 1
1
In the long-run, a monopolist maximized his profit when the marginal cost equals?
A
total revenue
B
marginal revenue
C
average revenue
D
price
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2
The long run is a period during which a firm?
A
sells inputs to purchase fixed assets
B
varies all its inputs
C
sources all its inputs from within
D
replaces all its inputs
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3
An important feature of perfect competition is that?
A
the movement of goods and services is restricted
B
there is adequate knowledge of existing prices
C
prices are centrally administered
D
individual economic units can influence prices
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4
If government fixes price below the equilibrium price, what effect will it have on demand?
A
Quantity demanded and supplied will be equal
B
Quantity supplied will be greater than quantity demanded
C
Quantity demanded will increase
D
Quantity demanded will decrease
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5
An imperfect market exist where?
A
the product is homogenous
B
there is perfect information among sellers
C
both buyers and sellers have free entry into and free exits from the market
D
the location of some sellers gives them an advantage over others
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6
A production function relates?
A
cost to output
B
wages to profit
C
cost to input
D
output to input
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7
A major advantage of specialization and division of labour is that?
A
time wastage will be minimized
B
trade unions will be encouraged
C
there will be a ready market for labour
D
workers will be adequately rewarded
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8
Which of the following is an example of a fixed cost?
A
Fuel cost
B
Electricity bill
C
Rent on building
D
Transportation cost
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9
In the agricultural sector, improved extension services facilitate?
A
acquistion of techniques
B
arable crop production
C
mobility of labour
D
livestock production
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10
A disadvantage of concentrating industries in an area is that it could?
A
lead to conclusion among the firms
B
result in evironmental pollution
C
bring about diseconomies of scale
D
increase the cost of production
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