2011 - JAMB Economics Past Questions and Answers - page 3
21
An effective way of controlling inflation in a mixed economy is to
A
increase productivity
B
reduce income tax
C
ration available output
D
increase imports
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22
One`of the limitations PPC assumption is that there is
A
no indication of technological development
B
no recognition of preferred goods for countries
C
technical inefficiency
D
abundant resources
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23
A major disadvantage of the arithmetic means is that it is
A
not useful for large data
B
not suitable for further statistical analysis
C
cumbersome to determine the actual value
D
affected by extreme data
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24
Demand patterns are determined by the market on the basis of
A
scale of preference
B
cousumer sovereignty
C
cosumer rationality
D
price of the commodity
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25
A consumer surplus measures the
A
benefits derived from consuming a cheap commodity
B
excess of total expenditure over total uility
C
difference between marginal utility and marginal cost
D
excess of marginal utility over price
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26
If the demand for one commodity excludes another, it is said to be
A
complementary demand
B
competitive demand
C
composite demand
D
derived demand
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27
If demand increases without a change in supply, equilibrium price and quantity will
A
remain unchanged
B
shift inward
C
fall
D
rise
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28
In the process of production, total output is at maximum when
A
MP=0
B
MP > 0
C
AP = 0
D
AP > 0
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29
When a consumer is at equilibrium, the MRSxy is equal to the
A
sum of the prices
B
product of the two prices
C
ratio of the two prices
D
difference of the two prices
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30
Minimum price legislation by government will
A
reduce supply
B
increase supply
C
reduce demand and create surplus
D
increase demand and create scarcity
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