2012 - JAMB Economics Past Questions and Answers - page 2
11
The cost elasticity of supply is a useful instrument for measuring
A
profit
B
productivity
C
national income
D
price index
correct option: b
Users' Answers & Comments12
The invisible hand promotes the interests of
A
consumers
B
society
C
government
D
producers
correct option: c
Users' Answers & Comments13
Fixing price above equilibrium will cause
A
demand and supply to remain constant
B
an increase in quantity supplied
C
an increase in supply
D
a decrease in quantity supplied
correct option: b
Users' Answers & Comments14
An important function of the price system is to
A
ensure that producers' profits remain high
B
guarantee full employment of resources
C
allocate resources to most productive uses
D
protect the economic interests of government
correct option: d
Users' Answers & Comments15
If all factors are variable in the long run,firms will experience
A
decreasing returns to scale
B
increasing returns to scale
C
diminishing returns
D
economies of scale
correct option: b
Users' Answers & Comments16
The equilibrium point of a firm is attained at the point where the isoquant is
A
greater than the isocost
B
less than the isocost
C
tangent to the isocost
D
greater than the output
correct option: b
Users' Answers & Comments17
The long-run average cost curve touches to the short-run average cost curves at the
A
minimum points of all short run average cost curves
B
declining points of all short-run average cost curves
C
minimum point of only one of the short-run cost curves
D
rising points of all short-run average cost curves
correct option: d
Users' Answers & Comments18
If a firm doubles all inputs in the long run and the total output is less than doubled, this results in
A
diminishing returns
B
constant returns to scale
C
increasing returns to scale
D
decreasing returns to scale
correct option: d
Users' Answers & Comments19
Patents and copyrights enable monopolists to
A
determine the quality of their products
B
determine the scale of their products
C
restrict information flow to new firms
D
restrict entry of new firms
correct option: b
Users' Answers & Comments20
A discriminatory monopoly is characterized by
A
a common elasticity in different markets
B
different elasticities in different markets
C
a finite elasticity in all markets
D
zero elasticity in all markets
correct option: a
Users' Answers & Comments