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2004 - JAMB Economics Past Questions and Answers - page 5

41

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

A
a regulated market
B
a competitive market
C
a medium of exchange
D
adequate capital
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42

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

A
prices of its variable inputs rise
B
prices of its variable inputs fall
C
there is a change in management
D
labour productivity increases
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43

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

A
an average cost
B
a variable cost
C
a fixed cost
D
a total cost
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44

A black market can occur when

A
supply is in excess of demand
B
consumption of the commodity is restricted
C
prices are set by government above the equilibrum
D
prices are set by government below the equilibrium
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45
The diagram above represents the short-run position of a monopolist. The profit-maximizing output is
A
Q3
B
Q4
C
Q1
D
Q2
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46
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
A
M
B
J
C
K
D
L
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47
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
A
2 units of rice
B
5 units of beans
C
17 units of rice
D
20 units of beans
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48
The diagram above shows the shifts in both demand supply curves. What is the new equilibrium point after the shifts?
A
E3
B
E1
C
E4
D
E2
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49
When there is a change from T to N, it implies that
A
Supply has increased
B
Quantity supplied has increased
C
Quantity demanded has increased
D
Price has fallen
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50
A movement from M to T implies that there has been
A
A decrease in supply
B
An increase in demand
C
A decrease in price
D
An increase in price
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