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AAverage total cost less the sum of average variable cost
BHalf the sum of all costs
CTotal fixed cost divided by the level of output
DTotal fixed cost plus marginal cost
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Question 1022
jamb1987
In which of the diagrams above, is the consumer surplus correctly shaded?
AI
BII
CIII
DIV
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Question 1023
jamb1987
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
A65 units
B40 units
C30 units
D20 units
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Question 1024
jamb1987
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is
A75 units
B35 units
C7 units
Dnot determinable from the schedules except when graphed
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Question 1025
jamb1987
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
Athe quantity supplied is infinitely elastic
Bwhen price is zero, the quantity supplied infinite
Cwhen price is infinite, the quantity supplied zero
Dthe quantity supplied is definite
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Question 1026
jamb1987
Economic development is defined as?
Apositive change plus growth
Bavalibility of more goods and services
Coutward shift of the production possibility curve
Dgrowth in the national income
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Question 1027
jamb1987
For the improvement of the welfare of a people, a high production level is not enough because
Athe have-nots deserve more than a fair share
Bequitable distribution is necessary
Cproduction efficiency is vital
Dsavings in the country must be guaranteed at more than 50 percent of income earned.
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Question 1028
jamb1987
Frictional unemployment?
Ais total unemployment minus structural unemployment
Boccurs when the unemployed are persons with specific training
Coccurs when the number of job seekers exceeds the number of vacancies
Doccurs when people are changing jobs
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Question 1029
jamb1987
The difference between personal income and personal disposal income is?
Apersonal income tax
Binvestment income
Cpersonal savings
Dconsumption expenditure
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Question 1030
jamb1987
Capital consumption allowance refers to?
Apersonal consumption expenditure
Bindirect business taxes
Cdepreciation of capital equipment
Dexpenditure on capital equipment
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Question 1031
jamb1987
Transfer payment are
Atransfer earnings
Bmoney transferred from one country to another
Cunearned income
Dpayment transferred from one account to another
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Question 1032
jamb1987
Statistical information available in most West African countries suggests that?
Athe marginal propensity to save is high
Bthe marginal propensity to consume is high
Cthe consumption pattern is negative
Dthere exists perfect correlation between consumption and savings
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Question 1033
jamb1987
Which of the following best explains the structural changes in the population of a country?
APositive changes in the size and ethnic composition of the population
BA decrease in the size of the population
CAn increase in the birth rate which is higher than the decrease in the death rate
DChanges in the age, sex and occupational composition of the population
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Question 1034
jamb1987
The rate of exchange between a domestic and a foreign currency is defined as the?
Aterms of trade
Bdomestic currency price of a unit of the foreign currency
Cforeign currency price of gold
Ddomestic currency price of gold
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Question 1035
jamb1987
Which of the following applies to a commodity sold abroad at a price lower than that in the producing country?
ADumping
BCounter-trade
CBilateral trade
DTrade liberalization
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Question 1036
jamb1987
The money which government spends yearly for the maintenance of its school is?
Aused only for wages and salaries
Bpart of the government's capital expenditure
Cpart of the government's recurrent expenditure
Dthe government's budget for its school
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Question 1037
jamb1987
A budget with a projected revenue in excess of its expenditure is said to be?
Abalanced
Bsurplus
Cdeficit
Dinflationary
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Question 1038
jamb1987
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Aelastic
Binelastic
Cperfectly elastic
Dunitary elastic
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Question 1039
jamb1987
Ad valorem tax means?
Aa certain percentage tax based on the value of the commodity
Ba certain percentage tax based on the volume of the commodity
Ca tax on the income of the consumer
Dpayment of a tax on the profits made
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Question 1040
jamb1987
If inflation is anticipated to continue?
Apeople will lose confidence in goods
Blenders will demand higher interest rate
Cthe growth of full employment output will be accelerated
