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In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
AMUX = MUA
BMUX = PX
CPX = X
DPX = PY
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Question 32
jamb2015
When elasticity is zero, demand curve is
Aperfectly elastic
Bperfectly inelastic
Cdown-ward sloping
Dupward sloping
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Question 33
jamb2015
A major limiting factor of mass production is
Aefficient management
Badequate labour supply
Csmall size of the market
Dadequate supply of raw materials
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Question 34
jamb2015
What does the accelerator principles state?
AConsumption is a function of the rate of change of income
Bincome is a function of the rate of change of investment
CInvestment is a function of the rate of change of income
DInvestment is a function of the rate of interest
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Question 35
jamb2015
The total stock of money available for use in an economy is
Asupply of money
Bvalue of money
Cdemand for money
Dattribute of money
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Question 36
jamb2015
The situation whereby the government of a country spends more than its budgets for a given financial year is known as
Asurplus budget
Bdeficit budget
Cbalanced budget
Dminus budget
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Question 37
jamb2015
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
Asocialist system
Bmixed system
Ccapitalist system
Dtraditional system
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Question 38
jamb2015
Disposable income is total income
Aless tax
Bdivided by tax
Cplus tax
Dmultiplied by tax
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Question 39
jamb2015
The study of broad economic aggregates is
AMacro economics
Bdeductive method of economic analysis
Cmicro economics
DInductive method of economics analysis
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Question 40
jamb2015
The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
A2
B0.4
C1
D0.5
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Question 41
jamb2015
The term of trade can be expressed as
A(Price index of export ÷ Price index of export)× 100
B(price index of import ÷ price index of export) × 100
C(Price index of export ÷ Price index of import)× 100
D(Price index of export + Price index of import)× 100
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Question 42
jamb2015
What would be likely to increase inflation in any economy?
AIncrease in demand
BReduce public spending
CControl excessive import
DIncrease in direct tax
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Question 43
jamb2015
The curve labeled III illustrate a system of taxation
Aregressive tax
Bprogressive tax
Cvalue added tax
Dproportional tax
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Question 44
jamb2015
The curve labeled II illustrates a system of taxation
Aproportional tax
Bregressive tax
Cvalue added
Dprogressive tax
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Question 45
jamb2015
The line Y in the diagram represents
Atotal cost
Bvariable cost
Cfixed cost
Dmarginal cost
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Question 46
jamb2015
Isocost and isoquant can be attributed to
ATheory of consumer behaviour
BTheory of cost
CTheory of production
DTheory of value
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Question 47
jamb2015
All the following are properties of an indifference curves except
Ait can intersect
Bit slopes downward from left to right like that of a normal demand curve
Cas it shift rightward it indicate higher and higher level of satisfaction
Dit does not intersect
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Question 48
jamb2015
Find the range in the following data 9, 15, 6, 20, 24, 18, 12, 8, 20, 10, 5.
A24
B5
C19
D12
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Question 49
jamb2015
Which of the following will shift the demand curve for Bournvita to the right
