2005 - JAMB Economics Past Questions and Answers - page 3
21
In a car assembly plant, division of labour is demonstrated by
A
assigning each worker to a specific activity
B
assigning each worker a given number to produce
C
increasing the daily output
D
producing a specific model
correct option: a
Users' Answers & Comments22
Under perfect competition, the short-run supply curve of a firm is determined by its
A
total cost curve
B
marginal cost curve
C
average fixed cost curve
D
average cost curve
correct option: b
Users' Answers & Comments23
The hoarding of goods is usually experienced when
A
supply is greater than demand
B
the market price above the equilibrium price
C
demand is greater than supply
D
excess demand is greater than excess supply
correct option: c
Users' Answers & Comments24
The technical relationship between input combination and maximum attainable output is called
A
a production function
B
an indifference curve
C
an isocost
D
an isoquant
correct option: a
Users' Answers & Comments25
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
A
the price-quantity ratios are equal
B
equal amounts of X and Y are consumed
C
less of Y and more of X are consumed
D
less of X and more of Y are consumed
correct option: a
Users' Answers & Comments26
A buyer who haggles in the market is applying the principle of
A
choice
B
price mechanism
C
opportunity cost
D
utilty maximization
correct option: d
Users' Answers & Comments27
An inverse relationship between price and quantity demanded implies that
A
the two variables change in opposite directions
B
the two variables change in the same direction
C
only one variable changes
D
the two variables remain unchanged
correct option: a
Users' Answers & Comments28
When the marginal utility of a commodity is zero the total utility is
A
at its minimum
B
upward-sloping
C
downward-sloping
D
at its maximum
correct option: d
Users' Answers & Comments29
Economic freedom is a basic feature of economy
A
an industrialized economy
B
a planned economy
C
a developed economy
D
a market economy
correct option: d
Users' Answers & Comments30
If elasticity of demand is greater than I and less than infinity, demand is said to be
A
elastic
B
perfectly inelastic
C
inelastic
D
perfectly elastic
correct option: a
Users' Answers & Comments