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Edemand and supply remains constant whether price fall or increase
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Question 1696
waec1995
The decision on what to produce is a problem in
Aall economics system
Ba mixed economic system only
Ca democratic socialist economy only
Da free enterprise system only
Ea planned eceonomic system only
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Question 1697
waec1995
Scarcity in economics means
Ashortage of commodity
Bunlimited demands for consumer goods
Climited supply of goods and services
Dtotal absence of a commodity in the market
Ehigh cost of a commodity
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Question 1698
waec1995
Economics is a social science which studies how
Ato redistrubute income
Bhuman beings behave
Cthe market price is fixed
Dscarce resources are allocated to satisfy human wants
Ehigh cost of a commodity
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Question 1699
jamb1995
Given that TC = TFC + TVC and TR = AR x Q, profit is equal to
A(AR + Q) - TFC
B\(\frac{\text{(TFC + TVC)}}{Q}\)
C(AR x Q) - TC
D\(\frac{\text{(TC x Q)}}{AR}\)
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Question 1700
jamb1995
The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand.The tax imposed is borne
Atotally by the consumer
Btotally by the producer
Cequally by both the consumer and the producer
Dby the the government
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Question 1701
jamb1995
The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by
AP1EHPo
BPoHQo0
CP1EQo0O
DP1ED1Po
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Question 1702
jamb1995
In the diagram above, the total revenue of the monopolist is given by the area
AOQ1MP2
BP4MTP1
COQ1 TP1
DOQ2SP2
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Question 1703
jamb1995
In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are
A23 and 20
B22 and 19
C14 and 19
D11 and 20
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Question 1704
jamb1995
In the circular flow of income above, the direction of flow of payments for consumption purchases is shown by the arrow
AK
BL
CM
DN
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Question 1705
jamb1995
The primary objective of all international economic organizations is to?
Aensure that third world countries get a better share of the world's resources
Bpromote international economic co-operation for the mutual benefit of all members
Cenforce structural adjustment programmes on less developed countries
Dencourage exports from the developed to the less developed countries
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Question 1706
jamb1995
Foreign exchange rate in a free market economy is determined by?
Athe government
Bthe Central Bank
Cdemand and supply
Dcommercial banks
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Question 1707
jamb1995
The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in?
Abackward and forward linkages
Bhorizontal and vertical linkages
Cvertical linkages
Dfunctional linkages
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Question 1708
jamb1995
An increasing population might be of economic benefit to a country if?
Athe female population is greater than the male population
Bthe dependency ratio is increasing as the total population increases
Ca continuosly higher proportion falls into working class category
Dthe rural and urban proportion ae balanced
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Question 1709
jamb1995
Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will?
Aincrease by N1,000
Bdecrease by N 7,000
Cincrease by N7,000
Dincrease by N 13,000
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Question 1710
jamb1995
Which of the following is mostly used to determine the cost of living?
