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2006 - JAMB Economics Past Questions and Answers - page 3

21
If the price per unit is N2, what is the average revenue when 6 men are employed?
A
N220
B
N120
C
110
D
N330
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22
The diagram above shows the effect of
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
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23
A movement from K to M will
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
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24
A point P, the marginal rate of substitution is
A
less than one
B
greater than one
C
zero
D
unity
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25

(\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?

A
120 units
B
540 units
C
100 units
D
180 units
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26

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 \(\frac{100}{1}\)
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27

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)
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28

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
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29

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
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30

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
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