2009 - JAMB Economics Past Questions and Answers - page 2
11
A decrease in supply without a corresponding change in demand will lead to
A
an increase in equilibrium price and a decrease in equilibrium quantity
B
a decrease in equilibrium price and an increase in equilibrium qantity
C
a decrease in equilibrium price and equilibrium quantity
D
an increase in equilibrium price and quantity
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12
In a regulated market, price is determined by
A
consumers
B
producers
C
auction
D
government
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13
Production takes place when
A
output is transformed into input
B
machines replace human effort
C
input is transformed into output
D
there is specialization and division of labour
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14
Which of the following can be deduced from the law of variable proportions when total output is rising?
A
MP is greater than AP
B
MP is less than AP
C
MP is equal to AP
D
MP is equal to zero
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15
As the level of output increases, the average fixed cost of a firm will
A
continue to decrease
B
remain unchanged
C
continue to increase
D
be equal to the total cost
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16
The shape of the long-run average cost curve is best explained by the
A
law of diminishing returns
B
law of returns to scale
C
cost of fixed inputs
D
cost of variable inputs
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17
The supply curve of a perfectly competitive firm is identical to its
A
total cost
B
marginal cost
C
fixed cost
D
variable inputs
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18
If a monopolist is incurring short-run losses, this means that his
A
selling price is above the short-run marginal cost
B
selling price is below the short-run marginal cost
C
average revenue is greater than marginal revenue
D
average reveune is less than marginal revenue
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19
In developing countries, it is easier to obtain accurate national income estimates through the
A
GNP
B
GDP
C
NDP
D
NNP
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20
In the long run, one of the characteristics of monopolistic competitive firms is that they
A
make abnormal profits
B
suffer losses
C
make normal profits
D
collude with each other
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