2011 - JAMB Economics Past Questions and Answers - page 4
31
Ranking is the method use in measuring
A
marginal utility
B
ordinal utility
C
cardinal utility
D
total utility
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32
If a firm is faced with an elastic supply curve, its revenue will
A
be supplied at a higher price
B
double at a higher price
C
increase by more than the percentage increase in price
D
equal percentage change in price
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33
A firm will experience diseconomies of scale when
A
there are difficulties in coordinating production
B
there is shortage in labour supply
C
the size of market is small
D
there is an increase in the price of raw materials
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34
The law of variable proportions is applicable only
A
in the long-run period
B
to large-scale enterprises
C
to small-scale enterprises
D
in the short-run period
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35
One of the characteristics of oligopoly is the availability of
A
few sellers
B
few buyers
C
many sellers
D
a single seller
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36
Bank consolidation policy in Nigeria is a measure to increase
A
the capital base of banks
B
employment opportunities in banks
C
the number of shareholders
D
the number of branches
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37
An increase in the circulation of money without a corresponding increase in output will lead to
A
a rise in income levels
B
stagflation
C
inflation
D
deflation
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38
In national income accounts, an item counted as part of government spending is
A
salaries and wages
B
pension
C
scholarship
D
social welfare
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39
If aggregate demand is lower than total output in an economy national income will
A
be constant
B
be at equilibrium
C
increase
D
fall
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40
During the era of barter, money was generally in the form of
A
notes
B
precious metals
C
coins
D
commodities
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