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2003 - JAMB Economics Past Questions and Answers - page 2

11

A normal supply curve is usually positively sloped because the relationship between

A
price and supply is positive
B
demand and price is positive
C
supply and price is negative
D
price and demand is negative
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12

Short-run period in production is a period too short for a firm to be able to change its

A
scale of operation
B
total revenue
C
total outputs
D
variable inputs
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13

Price elasticity of supply is a ratio of the change in

A
original quantity to a change in new quantity
B
quantity supplied to the change in price
C
price to the change in quantity supplied
D
quantity supplied to the change in demand
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14

The long-run average cost curve is called a planning curve because it shows what happens to costs when

A
a bigger size of plant is built
B
differents sizes of plants are built
C
variable inputs are increased
D
fixed factors are increased
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15

Imperfect market is characterized by

A
perfect mobility of factors of production
B
many buyers and few sellers
C
a large number of buyers and sellers
D
non-preferential treatment
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16

The term 'Near money' is best described as

A
a financial instrument that is readily convertible to cash
B
government financial instrument that is convertible to cash
C
time deposits with low interest rates
D
a financial asset that is convertible to cash
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17

The distinguishing characteristic between the money market and the capital market lies in whether the

A
securities are primary or secondary
B
debt instruments provided are long-term or short-term
C
funds mobilized are private or public
D
securities are in debentures or ordinary shares
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18

For a firm, value added can be defined as the difference between the

A
input prices and product prices
B
value of its output and inputs purchased from other firms
C
value of its output and the cost of production
D
total revenue and total cost
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19

Insurance companies, pension and provident funds and unit trusts are all examples of

A
rural-based revenue mobilizers
B
non-governmental organisations
C
government financial agencies
D
non-bank financial institutions
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20

Inflation that is usually associated with periods of trade boom is

A
creeping inflation
B
cost-push inflation
C
stagflation
D
demand-pull inflation
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