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
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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
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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
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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
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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
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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
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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
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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
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19
An example of injection into the circular flow of income is
A
taxes
B
pensions
C
imports
D
exports
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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
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