2004 - JAMB Economics Past Questions and Answers - page 5

A necessary condition for specialization in an economy is the existence of

A firm operating at full capacity will experience rising short-run total costs when

In a textile factory, the cost of cotton used is a typical example of

A black market can occur when

The diagram above represents the short-run position of a monopolist. The profit-maximizing output is

In the diagram above, ST is the budget line while l,ll and lll represent indifference curves. A rational consumer will choose to consume at point

The table above shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is

The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?

When there is a change from T to N, it implies that

A movement from M to T implies that there has been