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Ddisposed by the Chief Executive
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Question 2062
jamb1986
The most important advantage of co-operative societies is?
Atheir high degree of democracy
Bthe increase inthe cost of marketing
Cthat member are encouraged to save money
Dthe possibility of raising loans for the members
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Question 2063
jamb1986
In the normal channels of distribution the breaking of bulk is performed by the
Aproducer
Bwholesaler
Cretailer
Dconsumer
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Question 2064
jamb1986
A monopolist will practice price discrimination in two markets if?
Athe cost of separating the markets is large
Bthe markets have different elasticities of demand
Cthere is free flow of information in the two markets
Dthere is a patent of the commodity
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Question 2065
jamb1986
A producer sustains a loss in the short run if
Amarfinal revenue is less than price
Bprice is less than average cost
Caverage variable cost is less than average cost
Dmarginal cost is less than marginal revenue
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Question 2066
jamb1986
One major difference between monopoly and perfect competition is that?
Athe perfect competitor is a price taker while the monopolist determines his own output
Bhomogeneity of purpose exists for the perfect competitor while non-homogeneity of purpose exist for the monopolist
Csellers are located all over the world in the perfect competition but sellers are only in one country in the case of the monopolist
Dthere is free entry and exist in perfect competition but no free exist in monopoly
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Question 2067
jamb1986
Which of the following is an important function of prices in a market economy?
AEnsuring that resources are used in the most efficient manner
BEnsuring an equitable distribution of goods and services
CEnsuring that all industries are perfectly competitive in the long run
DEquating level of purchases with level of needs
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Question 2068
jamb1986
The revenue accruing to the seller of commodity X as a result of a fall in price will
Aincrease `
Bfall
Cfirst fall but will increase later
Dremain unchanged
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Question 2069
jamb1986
Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?
A0.62
B0.73
C1.00
D1.50
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Question 2070
jamb1986
The main function of price mechanism is to?
Alimit consumer demand
Benable producers make profit
Callocate scarce resources among competing ends
Densure consumer sovereignty
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Question 2071
jamb1986
Given that beef and fish are substitutes, a rise in the price of beef relative to that of fish will?
Ainduce greater demand for beef
Binduce greater demand for fish
Cinduce lower demand for fish
Dequate demands for beef and fish
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Question 2072
jamb1986
In drawing an individual's demand curve for a commodity, which of the following is not kept constant? The
Aindividual's money income
Bprice of subtitutes
Cprice of complementary goods
Dprice of the commodity under consideration
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Question 2073
jamb1986
Which of the following statements describes a mixed economy?
AThe government and the private sector interact in solving the basic economic problems
BThe invisible hand solves the basic economic problems
CThe government produces and distributes all goods and services
DSociety answers the 'what', 'how', and 'for whom' questions only through the market system
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Question 2074
jamb1986
What fundamentally determines how much a consumer spends in a producer's shop?
AIndividual's propensity to consume
Blevel of his taxation
Clevel of his income
DIndividual's taste or fashion
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Question 2075
jamb1986
Population density refers to?
Adensely populated urban centres
Bthe total area divided by the total population
Cdensely populated rural areas
Dthe total population divided by the total area
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Question 2076
jamb1986
A country has a population distribution as shown below:
\(\begin{array}{c|c}
\text{Age Group years} & \text{ Corresponding percentage} \\
\text{Above 60} & 22 \\
15 - 60 & 60 \\
0 - 14 & 15 \\
\end{array}\)
The dependency ratio is?
A3:2
B1:3
C2:3
D1:5
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Question 2077
jamb1986
Mobility of labour is NOT affected by
Aoptimum size of population
Bmarriage and family
Cregulation of trade unions
Dperiod of training
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Question 2078
jamb1986
If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving
Arent
Bprofit
Cinterest
Dsurtax income
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Question 2079
jamb1986
A firm achieves least cost in production by substituting factors until
Atheir factor prices are equal
Btheir marginal-physical products are each equal to their factor prices
Ctheir marginal-physical products are each zero
Dthe ratio of their marginal-physical products equals the ratio of their prices
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Question 2080
jamb1986
Production in Economics can be defined as the
Atotality of producing, buying and consuming
Btransformation of raw materials and services in order to provide ultimate utility
Ctransformation of raw materials and services in order to make maximum profit
