2010 - JAMB Economics Past Questions and Answers - page 2
11
If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
A
N1.50
B
N0.40
C
N1.00
D
N2.00
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12
A set of factors that can shift the supply curve are changes in
A
weather, price and technology
B
technology, weather and population
C
technology, price and taste
D
population, price and taste
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13
If the coefficient of price elasticity of supply is greater than one, the supply is said to be
A
perfectly elastic
B
fairly inelastic
C
infinitely inelastic
D
fairly elastic
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14
If commodity X is a by-product of commodity Y , this implies that both commodities are
A
in competitive supply
B
in composite supply
C
jointly supplied
D
in excess supply
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15
In perfect competition,price is determined by the
A
government
B
sellers
C
buyers
D
market
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16
In order to reduce hardship faced by consumers due to high prices government can introduce
A
maximum prices
B
commodity boards
C
minimum prices
D
price control boards
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17
Average product is less than marginal product when
A
there is constant returns to scale
B
there is increasing returns to scale
C
there is decreasing returns to scale
D
diminishing returns set in
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18
A firm enjoying economies of scale is said to be
A
reducing average cost as production increases
B
benefiting from the activties of other firms
C
maximizing profits as production increases
D
having an upward-sloping average cost curve
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19
The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
A
increasing efficiency
B
economies of scale
C
diseconomies of scale
D
increasing marginal returns
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20
An industry's supply curve is more likely to be elastic when firms are
A
enjoying free entry and exit
B
operating at full capacity
C
operating below capacity
D
maximizing profits
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