2006 - JAMB Economics Past Questions and Answers - page 2
11
Minimum wage legislation will result in
A
reduced income
B
greater supply labour
C
reduced labour productivity
D
greater demand for labour
correct option: b
Users' Answers & Comments12
The term 'oil shock' is used to describe a situation in which
A
the demand for oil exceeds its supply
B
oil prices have fallen drastically
C
the demand for oil is equal to ite supply
D
the supply of oil exceeds its demand
correct option: b
Users' Answers & Comments13
The major problem of conducing a census in Nigeria is
A
inadequate skilled personnel
B
financial constraint
C
urban congestion
D
lack of political will
correct option: d
Users' Answers & Comments14
The marginal productivity theory applies in a
A
unionized labour market
B
perfectly competitive market
C
monopsonistic market only
D
monopolistic market only
correct option: d
Users' Answers & Comments15
A rising short-run average cost is a result of
A
economies of scale
B
falling marginal costs
C
diminishing returns
D
rising fixed costs
correct option: c
Users' Answers & Comments16
The only factor of production that plays an active role in the production process is
A
land
B
capital
C
entrepreneur
D
labour
correct option: c
Users' Answers & Comments17
The market structure in which there is interdependence of price-output policies is
A
a pure monopoly
B
an oligopoly
C
a pure competition
D
a monopolistic competition
correct option: b
Users' Answers & Comments18
If the short-run cost curve of a firm is U-shaped, the marginal and average cost are equal where the
A
average variable cost is minimum
B
marginal cost is falling
C
average cost is minimum
D
average fixed cost is falling
correct option: c
Users' Answers & Comments19
A perfectly competitive firm is advised to close down when the
A
price is below the marginal cost
B
price is equal to the marginal revenue
C
marginal revenue is equal to the marginal cost
D
price is below the average variable cost
correct option: d
Users' Answers & Comments20
Product differentiation in monopolistic competition implies that
A
different buyers pay different prices for the same product
B
different products are sold to the same buyer
C
sellers determine whom to sell their products to
D
the same product is available in different forms
correct option: d
Users' Answers & Comments