2002 - JAMB Economics Past Questions and Answers - page 3
21
The equilibrium wage in an economy is determined by the?
A
public service
B
worker's union
C
rate of inflation
D
supply and demand for labour
correct option: d
Users' Answers & Comments22
The Malthusian theory of population growth is often said to be?
A
ambiguous
B
oversimplified
C
pessimistic
D
optimistic
correct option: c
Users' Answers & Comments23
Improved labour efficiency can be measured by?
A
an increase in output-input ratio
B
an decrease in output-input ratio
C
the constancy of input-output ratio
D
an increase in input-output ratio
correct option: a
Users' Answers & Comments24
As a firm increases its output, the average fixed cost?
A
tends to rise continuously
B
remains constant
C
rises and then falls
D
tends to decreased continuously
correct option: d
Users' Answers & Comments25
The short-run equilibrium output for a monopolist is determined by the?
A
highest point on the total revenue curve
B
minimum point on the average revenue and the average cost curve
C
intersection of the average revenue and the average cost curves
D
intersection of the marginal cost and marginal revenue curves
correct option: c
Users' Answers & Comments26
The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?
A
internal economies of scale
B
economies of scale
C
market economies
D
external economies
correct option: d
Users' Answers & Comments27
In the short-run a firm marginal cost curve above the point of shut-down is its?
A
demand curve
B
supply curve
C
cost curve
D
supply curve
correct option: b
Users' Answers & Comments28
The economic policy of deregulation is aimed at encouraging?
A
a monopolistic market structure
B
a duopolistic market structure
C
a competitive market structure
D
an oligopolistic market structure
correct option: c
Users' Answers & Comments29
Under conditions of perfect competition, a firm's supply curve is determined by its?
A
total cost curve
B
marginal cost curve
C
variable cost curve
D
fixed cost curve
correct option: b
Users' Answers & Comments30
The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?
A
raise the price of the commodity and affect the quantity in an indeterminate way
B
decrease the equilibrium quantity and affect the price in an intermediate way
C
raise its price as well as the equilibrium quantity
D
lower it price while affecting the equilibrium quantity in an interminate way
correct option: c
Users' Answers & Comments