2019 - JAMB Economics Past Questions and Answers - page 6
51
Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.
A
70
B
47
C
74
D
40
52
The following are measures of location except________
A
Arithmetic mean
B
Harmonic mean
C
Range
D
Geometric mean
53
The term M \(^3\) comprises M \(^1\)Â together with deposits on deposit account held by_______
A
banks only
B
discount houses only
C
banks and discount houses
D
banks, discount houses and stock, exchanges
54
The second equation of exchange is__________
A
MV = PT
B
P = \(\frac {M}{KR}\)
C
P = \(\frac {MV}{T}\)
D
P=MV
55
The term "Money at call and short notice" in a bank's assets represents the bank's loans to______
A
industry and commerce
B
overseas central banks
C
the capital market
D
the money markets
56
A contractionary monetary policy is used to control__________
A
Deflation
B
Inflation
C
Recession
D
Balance of Payment deficit
57
Consider the following figures which refer to a firm's production department during one week:
Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are
A
₦7,300
B
₦7,100
C
₦1,300
D
₦1,100
58
If AC and MC are represented on a graph, the MC curve will cut the AC curve_______
A
at the maximum point on the AC curve
B
at the highest point on the AC curve
C
at the minimum point on the AC curve
D
at the peak
59
Consider the diagram below which shows a demand curve (d).
Â
Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________
A
The area VWX
B
The area XTUV
C
\(\frac {XW} {XT}\)
D
\(\frac {TU} {UV}\)
60
Adam Smith's Theory of value stated that the value of a commodity depended on________
A
The market price in a free market over a long period
B
The over-all cost of production of the commodity
C
The amount of labour expended on its production
D
Its relative scarcity at any given time
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