2003 - JAMB Economics Past Questions and Answers - page 1

When two variables are positively related, the graph of the relationship?

For an inferior good, a decreased in real income will lead to?

In economic analysis, a statement is said to be normative if it?

Utility is the satisfaction derived from?

The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is

If there is an increase in demand without a corresponding increase in supply, there will be a

In a planned economy, the emphasis is on

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \ \hline 20 & 60 & 100 \ \hline 30 & 60 & 120 \ \hline 40 & 60 & 130 \ \hline 50 & 60 & 135 \ \hline 60 & 60 & 150 \ \hline 70 & 60 & 170 \ \hline 80 & 60 & 190\end{array}\)

At 60 units of output, the AVC is

\(\begin{array}{c|c} \text{Out put produced per day (Units)} & \text{Fixed cost per day (N)} & \text{Total cost per day (N)} \ \hline 20 & 60 & 100 \ \hline 30 & 60 & 120 \ \hline 40 & 60 & 130 \ \hline 50 & 60 & 135 \ \hline 60 & 60 & 150 \ \hline 70 & 60 & 170 \ \hline 80 & 60 & 190\end{array}\)

Using the table above. The ATC at 30 units of output is

If the demand curve facing a firm is sharply downward-sloping, the firm is likely to be