2007 - JAMB Economics Past Questions and Answers - page 2
11
A characteristic of the linear production function is that
A
the percentage change in inputs change exceeds output
B
output and all inputs change by the same percentage
C
the percentage change in output is greater than one
D
the percentage change in output is less than one
12
If the total fixed cost is the same regardless of output, the average fixed cost will be
A
increasing
B
maximum
C
minimum
D
decreasing
13
A persistent rise in the prices of inputs will lead to
A
hyperinflation
B
stagflation
C
cost-push inflation
D
demand-pull inflation
14
The monetization policy is an offshoot of
A
NEEDS
B
SAP
C
PAYE
D
MDGs
15
A continuous increase in national income accompanied by the structural transformation of all indices is called
A
economic planning
B
economic growth
C
economic reforms
D
economic development
16
In a developing economy, productivity is measured by the
A
capital-output ratio
B
output growth rate
C
output-labour ratio
D
output per capita
17
The gains from international trade are shared on the basis of the
A
quantity produced of each of the traded goods
B
cost of production of each of the traded goods
C
terms of trade
D
bilateral trade agreements
18
One of the ways of correcting a deficit balance of payments is to
A
revalue a country's currency
B
devalue a country's currency
C
increase imports
D
reduce exports
19
The main objective of WTO is to
A
help countries with chronic balance of payments problems
B
help debtor nations solve their problems
C
ensure adequate tariff protection for infant industries
D
provide a mechanism for tariff reductions
20
The minimum number of shareholders for a joint stock company is
A
2
B
3
C
4
D
7
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