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2019 - JAMB Economics Past Questions and Answers - page 5

41
Effective demand for a commodity is desire for that commodity backed by_______
A
a wish for the lowest possible price
B
ability and willingness to pay
C
cash in one's pocket
D
a promise to make payment
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42
A commodity is defined as normal when its demand changes in the same direction as______
A
income
B
price
C
taste
D
preferences
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43

Which of the following matters may account for changes in demand?
 

I - changes in consumer preferences
II - changes in real income
III - changes in distribution of incomes
IV - changes in levels of taxation

 

 

A
I, II
B
II, III
C
I, III, IV
D
I, II, III, IV
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44
An example of a market which approaches fairly near to perfection is____________
A
the retail market
B
the house market
C
the labour market
D
the foreign exchange market
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45
Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________
A
marginal product
B
marginal cost curve
C
demand curve
D
average cost curve
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46
An example of a vertical combination is the merger of_________
A
a spinning firm and a wearing firm
B
two meat retailing firms
C
two very large wholesale textile distributors
D
three secretarial employment agencies in one town
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47

When of the following matters may account for changes in supply?

 

I - technological advances in an industry
II - changes in labour costs
III - changes in source of supply
IV - changes in levels of taxation

A
I, II
B
I, III
C
II, III, IV
D
I, II, III, IV
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48
A supply curve slopes upwards from the left to the right indicating__________
A
a negative slope
B
a positive slope
C
a backward sloping supply curve
D
short-run supply curve
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49

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

 

National income is__________

A
₤ 74,000m
B
₤ 66,000m
C
₤ 60,000m
D
₤ 14,000m
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50

Use the following information given to answer this question

Total of all expenditure incurred during the year ₤ 80,000m
Indirect taxes on goods and services ₤ 8,000m
Capital consumption ₤ 6,000m

 

Gross national expenditure at factor cost is_________

A
₤ 88,000μ
B
₤ 82,000μ
C
₤ 74,000μ
D
₤ 72,000μ
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