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pricing and output decisions of sellers are highly interdependent in markets known as?
Aoligopoly
Bperfect competition
Cmonopoly
Dmonopolistic competition
Eimperfect competititon
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Question 1113
jamb1984
A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?
Ait is illegal price cutting
Bother competitors will be angry
Ctotal revenue will decline due to its elastic demand curve
Dit is able to sell all it wants at the market price
Eit does not maximize profit
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Question 1114
jamb1984
In taxation, the benefit principle requires that?
Aeverybody must draw benefit from taxation
Ball those who earn more income must pay more taxes
Conly those who derive benefit from services provided from public revenue should be taxed
Dtaxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
Eeverybody pays an equal amount
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Question 1115
jamb1984
An imperfectly competitive market is one where?
Aa large number of firms sell homogenous products
Binput and output prices are unaffected
Ceach firm faces aa horizontal demand curve
Deach firm maximize profit by selecting an output level at
Ecommodities are differentiated
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Question 1116
jamb1984
A demand curve slopes downwards because of ?
Aan increase inthe money income of the consumer
Ba decrease inthe money income of the consumer
Cthe substitution effect and the rise in real income of the consumer
Dthe rise in demand for the complementary goods
Ethe increase in the demand for factors and production
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Question 1117
jamb1984
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
Aequal to marginal cost
Bgreater than marginal cost
Cgreater than average total cost
Dequal to marginal revenue
Eequal to toal revenue
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Question 1118
jamb1984
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
AExcess supply
BFavouritism
CBribery and corruption
DBllack marketing
EHoarding
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Question 1119
jamb1984
For two substitution goods, the cross elastic of demand is?
Agreater than one but less than two
Bzero
Cnegative
Dpositive
Einfinity
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Question 1120
jamb1984
If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?
Apercentage change in the quantity of X divded by the percentage change in the price of Y
Bpercentage change in the quantity of X divided by change in the price of Y
Cchange in the quantity of X divided by change in the price of Y
Dpercentage change in the quantity of X divided by the price Y
Epercentage change in the price of X divided by percentage change in the quantity of Y
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Question 1121
jamb1984
The population level that yields the maximum output when combined with available resources is known as
Adependent population
Bmaximum population
Cactive population
Dproductive population
Eoptimum population
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Question 1122
jamb1984
Which of the following is NOT a determinant of the size economically active population?
AAge structure
BOccupation of workers
CProportion of men to women
DAverage length of the working day
EEfficiency of the labour force
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Question 1123
jamb1984
An aging population refers to the preponderance of?
Amiddle-aged people in the population
Byoung people in the population
Cwomen in the the population
Dold men in the population
Eold people in the population
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Question 1124
jamb1984
Which Of the following is NOT an obstacle to economic development?
ALow level of investment
Black of modern technology
CHigh rate of population growth
DLow productivity
EDedicated leadership
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Question 1125
jamb1984
The advantages that accrue to a firm as the size of the firm increases are known as
Aexternal diseconomies
Binternal returns to scale
Cinternal economies
Dinternal diseconomies
Econstant returns to scale
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Question 1126
jamb1984
In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?
ALength and cost of training
BDemand and supply
Cattractiveness of the job
DInfluence of the trade union
EGovernment intervention
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Question 1127
jamb1984
The production within the domestic territory of a country is called the
Anet national product
Bgross domestic product
Cnet income
Ddisposable income
Egross national product
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Question 1128
jamb1984
Division of labour is limited by?
Athe size of market
Bthe productivity of capital
Ccost of production
Dthe factors of production
Egovernment policy
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Question 1129
jamb1984
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
Ademands at a given price at a point in time
Bdemand at a given price
Cactually digests
Dproduces, given its price
Ecan store away during bnad weather
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Question 1130
jamb1984
The main economic objective behind the production of goods and services in any economy is to?
