2001 - JAMB Economics Past Questions and Answers - page 5
41
A change in supply is best described as a?
A
movement along the supply curve
B
shift of the supply curve to the left or to the right
C
shift of the supply curve to the left
D
shift of the supply curve to the left
correct option: b
Users' Answers & Comments42
When a generalization is made based on observed facts, it is known as?
A
deductive reasoning
B
inductive reasoning
C
theoretical reasoning
D
normative reasoning
correct option: a
Users' Answers & Comments43
A major problem facing all economies is how to?
A
increase consumption of imported goods
B
improve trade among nations
C
transform from a developing to a developed economy
D
allocate scarce resources
correct option: d
Users' Answers & Comments44
A vertical supply curve indicates that?
A
the quantity supplied is responsive to price
B
the same fixed quantity will be supplied no matter the price
C
an increase in price will result in an increase in the quantity supplied
D
there is a fixed price for the commodity below which no supply will be made
correct option: b
Users' Answers & Comments45
In a demand curve, the relationship between price and quantity is?
A
indeterminate
B
direct
C
nil
D
inverse
correct option: c
Users' Answers & Comments46
If the arithmetic mean of 1,2,3,4,5,6,x, 16 and 18 is 8.0, find the value of x?
A
7.0
B
6.0
C
8.5
D
8.0
correct option: a
Users' Answers & Comments47
The fixing of the price of an item above or below the equilibrium price is most likely to take place in a?
A
centrally planned economy
B
free market economy
C
developed economy
D
mixed economy
correct option: a
Users' Answers & Comments48
A consumer's scale of preference is an arrangement of his?
A
scarce resources in order of importance
B
needs in order of importance
C
sources of income and their importances
D
requirements and how to satisfy them
correct option: b
Users' Answers & Comments49
A firm's shut-down point is reach when the average revenue fails to cover the?
A
average variable cost
B
marginal cost
C
average total cost
D
average fixed cost
correct option: b
Users' Answers & Comments50
Internal economies of scale are expected to bring about?
A
an increase in short-run average cost
B
an increase in long-run average cost
C
a decrease in long-run average cost
D
a decrease in short-run average cost
correct option: b
Users' Answers & Comments