2016 - JAMB Economics Past Questions and Answers - page 3
21
If additional unit of a variable factor input causes a fall in the marginal product, this implies that
A
Total product starts declining
B
Average product has become zero
C
Diminishing returns has set in
D
Increasing returns is operating
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22
A
Minimum price
B
Shut-down price
C
Maximum price
D
Mark-up price
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23
The additional cost incurred by producing an additional unit of output is known as
A
Fixed cost
B
Total cost
C
Average cost
D
Marginal cost
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24
One of the factors that determine the supply of agricultural produce in Nigeria is
A
Price of substitutes
B
Technological development
C
Consumers choice
D
Consumers income
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25
A
Encourage the production of garri
B
Create an excess supply of garri
C
Increase the consumption of garri
D
Decrease the consumption of garri
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26
In the theory of the consumer behavior, a consumer is said to maximize utility when
A
Marginal utility of a commodity is equal to the price paid for it
B
Marginal utility of a commodity X is equal to the price of commodity Y
C
Average utility of a commodity is equal to the price paid for it
D
Total utility of a commodity is equal to the price paid for it
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27
If Mr Wale took a loan for the purpose of investment, the demand for money is________________?
A
Precautionary motive
B
Transactionary and Precautionary motive
C
Speculative motive
D
Speculative and Transactionary motives
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28
The overall demand for crude oil for various uses is an example of __________?
A
derived demand
B
competitive demand
C
composite demand
D
complementary demand
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29
One of the factors limiting the effectiveness of division of labour in the production process is the
A
Prevailing wage rate
B
Level of technology
C
Unemployment rate
D
Population size
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30
One of the important features of perfect competition is_____?
A
Adequate knowledge of existing prices
B
The influence on prices by individual economic units
C
The restriction in terms of movement of goods and services
D
The administration of a centralized price system
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