2007 - JAMB Economics Past Questions and Answers - page 4
31
The labour force of a country best describes
A
the number of people in paid employment
B
the number of people receiving pension
C
people within the retirement age
D
people within the working age
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32
A
marginal cost
B
average cost
C
average revenue
D
marginal revenue
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33
A
2
B
3
C
4
D
5
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34
A
8kg
B
20kg
C
60kg
D
180kg
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35
A
N7.40
B
N4.00
C
N10.00
D
N14.80
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36
A
N8.00
B
N 5.00
C
N11.00
D
N6.50
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37
The price per unit of a commodity to a buyer is the same as the
A
Normal profit of the seller
B
Average revenue of the seller
C
Marginal cost of the commodity
D
Marginal revenue of the seller
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38
When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be
A
Zero
B
Greater than one
C
One
D
Between zero and infinity
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39
A firm incurs short-run costs when
A
It cannot increase prices
B
Operation is at its later stages
C
Operation is at its early stages
D
Some inputs cannot be varied
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40
An increase in the marginal cost of production causes
A
A downward movement along the supply curve
B
A leftward shift of the supply curve
C
A rightward shift of the supply curve
D
An upward movement along the supply curve
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