Courses » JAMB » JAMB Economics » Economics Exam Topics » 2008 - Questions and Answers

2008 - JAMB Economics Past Questions and Answers - page 2

11

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

A
rationality
B
surplus
C
sovereignty
D
credit
Ask EduPadi AI for a Detailed Answer
12

An upward movement along the same supply curve results in

A
an increase in supply
B
a decrease in price
C
a decrease in quantity supplied
D
an increase in quantity supplied
Ask EduPadi AI for a Detailed Answer
13

To protect farmers during a bumper harvest,. the government usually

A
set a mximum price
B
release products from the buffer stock
C
sell the excess to consumers
D
set a minimum price
Ask EduPadi AI for a Detailed Answer
14

The use of modern weaving machines in the production of local fabric will result in

A
an increase in the demand for labour
B
a decrease in the demand for labour
C
an increase in wages
D
a decrease in wages
Ask EduPadi AI for a Detailed Answer
15

In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?

A
N396
B
N323
C
N250
D
N146
Ask EduPadi AI for a Detailed Answer
16

The characteristic of entry and exit ensures that firms

A
earn excess profit
B
earn normal profit
C
break-even
D
expand their operations
Ask EduPadi AI for a Detailed Answer
17

Which of the following producer is closest to being a monopolist?

A
A baker
B
A wheat farmer
C
A large chain store
D
An automobile plant
Ask EduPadi AI for a Detailed Answer
18

The output approach to measuring national income is based on the computation of

A
final output
B
factor cost
C
value added
D
profits earned
Ask EduPadi AI for a Detailed Answer
19

An example of injection into the circular flow of income is

A
taxes
B
pensions
C
imports
D
exports
Ask EduPadi AI for a Detailed Answer
20

The theoretical relationship between money supply and prices is weakened by changes in the

A
money supply
B
general price level
C
velocity of money
D
interest rate
Ask EduPadi AI for a Detailed Answer
Please share this, thanks: