2011 - JAMB Economics Past Questions and Answers - page 2
11
From the Diagram above, the optimal point of production is
A
R
B
T
C
U
D
S
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12
A
N20.00
B
N23.00
C
N13.00
D
N15.00
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13
A
N360
B
N300
C
N460
D
N400
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14
A
X
B
K
C
X + K
D
X - K
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15
A
recessionary gap
B
GNP gap
C
inflationary gap
D
deflationary gap
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16
The median of an odd-numbered set of scores is the
A
Middle value in the set
B
Highest value in the set
C
Arithmetic means of the set
D
Most frequent occuring score
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17
The optimal range of output for a perfectly competitive firm is
A
AC is lowest
B
AVC is lowest
C
MC is rising
D
MC is falling
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18
If real income increases while nominal income remains the same, it can be inferred that
A
Unemployment rate has decreased
B
General prices has fallen
C
Employment rate has risen
D
General prices have risen
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19
The profit of a monopolist can be eliminated where price equals
A
AFC
B
MC
C
AC
D
AVC
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20
Optimum population enables an economy to attain the highest level of
A
Industrial development
B
Income per head
C
Revenue generation
D
Economic development
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