2022 - JAMB Economics Past Questions and Answers - page 2
11
PN equals average revenue or marginal revenue cure of
A
An imperfect competitive firm
B
a monopoly
C
a perfectly competitive firm
D
a monopolistic competitive firm
12
If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is
A
0.50
B
0.65
C
2.00
D
2.50
13
The supply curve of a locally-produced good may shift to the right if
A
there is an increase in taxes on inputs
B
government increases subsidies
C
rural-urban migration is encouraged
D
the price of the commodity increases
14
In perfectly elastic supply, the supply curve
A
is vertical
B
is horizontal
C
slopes upward
D
slopes downward
15
A country's budget allocation to various sectors of the economy is shown in the pie chart above...Use it to answer this question.If the budget of the country was $7,200, how much is allocated to Education?
A
$2,400.00
B
$2,000.00
C
$1,200.00
D
$1,000.00
16
A country's budget allocation to various sectors of the economy is shown in the pie chart above...Use it to answer this questionWhat is the ratio of expenditure on health to Agriculture?
A
2: 3
B
3:4
C
4:3
D
5:4
17
A consumer of a single commodity is in equilibrium when
A
he can equate his demand with price
B
he equates marginal utility and price
C
he can equate his marginal and total utilities
D
his marginal utility is equal to zero
18
If the government imposes a minimum price on a commodity
A
market surplus occurs
B
the market will be cleared in the short-run
C
excess demand occurs
D
government regulation is no longer needed
19
A minimum price legislation is also called
A
price ceiling
B
price floor
C
price control
D
price mechanism
20
Which of the following factors is not a cause of diminishing returns?
A
Increase in variable inputs
B
Land fragmentation
C
Constant technology
D
Technological innovations
Loading lesson…