2015 - JAMB Economics Past Questions and Answers - page 3
21
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
A
price maker
B
price taker
C
price system
D
price competition
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22
Which of the following business units can issue shares?
A
Partnership
B
Public limited liability company
C
Sole proprietorship
D
Central bank
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23
Which of the following are examples of transfer payment
A
gift and donations
B
rents and rates
C
profit and dividends
D
internal and external debts
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24
The technical relationship between the physical inputs and the physical outputs of a firm is
A
Utility
B
Cost
C
Demand
D
Production function
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25
The income elasticity of demand of normal goods is
A
negative
B
positive
C
zero
D
fixed
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26
The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct
A
E = C + I + G
B
E = C + I + G + M – X
C
E = C + I + G + X – M
D
E = C + I + G – T + M – X
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27
\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\ \hline
0 & 10 & - & - & - \\ \hline
1 & 10 & 10 & 10 & 10 \\ \hline
2 & 10 & 25 & ? & 15 \\ \hline
3 & 10 & 50 & 16.7 & 25 \\ \hline
4 & 10 & 80 & 20.0 & 30 \\ \hline
5 & 10 & 106 & 21.2 & 26 \\ \end{array}\)
Calculate the average product when the 2nd labour was employed 12.5
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\ \hline
0 & 10 & - & - & - \\ \hline
1 & 10 & 10 & 10 & 10 \\ \hline
2 & 10 & 25 & ? & 15 \\ \hline
3 & 10 & 50 & 16.7 & 25 \\ \hline
4 & 10 & 80 & 20.0 & 30 \\ \hline
5 & 10 & 106 & 21.2 & 26 \\ \end{array}\)
Calculate the average product when the 2nd labour was employed 12.5
A
12.5
B
12
C
15
D
10
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28
The relationship between the cost of living and standard of living is
A
A rise in cost of living gives a corresponding rise in standard of living
B
A lower cost of living give a higher standard of living
C
A lower cost of living give a lower standard of living
D
None of the above
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29
The ordinalist approach of utility postulated that utility can be
A
Rank
B
Measurable
C
Rise
D
Fall
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30
The frequent value that occurs most in a data is
A
median
B
mean
C
mode
D
range
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