2004 - JAMB Economics Past Questions and Answers - page 4
31
One of the causes of the present high rate of inflation in Nigeria is
A
increasing budget surplus
B
increasing factor costs
C
exchange rate appreciation
D
high capacity utilization
correct option: c
Users' Answers & Comments32
The final stage in the production process of any commodity involves its movement from the
A
retailer to the wholesaler
B
producer to the wholesaler
C
retailer to the consumer
D
wholesaler to the retailer
correct option: c
Users' Answers & Comments33
A change in demand for a normal good means
A
a shift in the demand curve
B
a change in the price changes
C
a movement along a given demand curve
D
a change in the price elasticity
correct option: a
Users' Answers & Comments34
In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to
A
increase price
B
reduce output
C
reduce price
D
retain price
correct option: c
Users' Answers & Comments35
In any set of data, median represents the
A
value that is most representative of the data
B
mid-position when the values are arranged in ascending or descending order
C
mid-position when the values are arranged randomly
D
difference between the highest and the lowest values when arranged in ascending order
correct option: b
Users' Answers & Comments36
One of the assumptions of ordinal utility in consumer behaviour is that
A
consumers are irrational
B
marginal utility rises continuously
C
utility is measurable
D
utility can only be ranked
correct option: d
Users' Answers & Comments37
A large standard deviation is an indication of
A
the size of the sample
B
a wide spread around the mean
C
a wide difference between the mean and the mode
D
the difference between the highest and the lowest values
correct option: b
Users' Answers & Comments38
A major characteristic of a mixed economy is that
A
economic decisions are made by both the rich and the poor
B
both primary and secondary production are undertaken
C
the federal and the state governments undertaken joint projects
D
economic activities are undertaken by both the public and private sectors
correct option: d
Users' Answers & Comments39
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
A
N720.00
B
N216.00
C
N44.00
D
N880.00
correct option: c
Users' Answers & Comments40
If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be
A
jointly supplied
B
competitive
C
composite
D
jointly demanded
correct option: b
Users' Answers & Comments