2006 - JAMB Economics Past Questions and Answers - page 3
21
A
N220
B
N120
C
110
D
N330
correct option: a
Users' Answers & Comments22
A
excess demand over supply at q3
B
excess supply over demand at q2
C
minimum price legislation at P2
D
maximum price legislation at P2
correct option: a
Users' Answers & Comments23
A
decrease the consumer's utility
B
increase the price of the commodity
C
increase the consumer's utility
D
leave consumer's utility unchanged
correct option: c
Users' Answers & Comments24
A
less than one
B
greater than one
C
zero
D
unity
correct option: c
Users' Answers & Comments25
\(\begin{array}{c|c}
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\ \hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\ \hline
\end{array}\)
What is the average product when 3 men are employed?
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\ \hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\ \hline
\end{array}\)
What is the average product when 3 men are employed?
A
120 units
B
540 units
C
100 units
D
180 units
correct option: d
Users' Answers & Comments26
The price index is calculated as
A
\(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)
B
\(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)
C
\(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)
D
\(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)
correct option: d
Users' Answers & Comments27
The law of demand can be expressed as
A
P = f(Q d)
B
Q d = f(\(\frac{1}{p}\)
C
P = f(\(\frac{1}{Q_d}\)
D
Qd = f(P)
correct option: b
Users' Answers & Comments28
A constraint on the expansion of a firm is the
A
Rate of advertisement
B
Level of producers income
C
Tastes of the consumers
D
Size of the market
correct option: d
Users' Answers & Comments29
If the marginal propensity to consume is 0.6 and consumption expenditure changes by N10 million, the equilibrium level of income will change by
A
N4.0 milion
B
N25. 0 milion
C
N2.5 milion
D
N15.0 milion
correct option: b
Users' Answers & Comments30
Personal income tax as a source of government revenue is increased when the
A
tax rate is raised
B
tax system is proportional
C
retirement age is reduced
D
tax base is contracted
correct option: a
Users' Answers & Comments