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The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?
Aunitary
Bgreater than one
Cinfinite
Dless than one
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Question 792
jamb1998
Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?
A0.25
B0.40
C4.00
D25.00
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Question 793
jamb1998
If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?
Anormal
Belastic
Cinelastic
Dabnormal
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Question 794
jamb1998
When a firm is reaping economies of large-scale production, it experiences a fall in its?
Along-run marginal cost
Blong-run average cost
Clong-run total cost
Dshort-run marginal cost
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Question 795
jamb1998
Which of the following statements best describes the relationship between average product and marginal products?
AMarginal product and average product curves rise and falls together
BMarginal product equals average product at the minimum point of the latter
CAverage product curve will rise as product is greater than average product
DMarginal product at the maximum point of the fomer
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Question 796
jamb1998
Specialization often improves economic performance because it?
Apermits exploitation of economies of scale
Bincorporates external economies
Cis based on the law of variable proportions
Dallocates resources according to absolute advantage
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Question 797
jamb1998
The short-run period in production is defined as a period when?
Athere is at least one fixed factor
Ball costs of production must be covered
Cthe output cannot be varied
Dcurrent output is not profitable
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Question 798
jamb1998
Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?
AB = D and X > M
BB - D = O and M > X
CD - B = O and M = X
DX > M and D > B
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Question 799
jamb1998
In certain circumstances, a centrally planned economy adopts the rationing system because of?
Athe scarcity of goods and services in the market
Blow real and money wages
Cthe need for equitable distribution of goods and services
Dtransportation and distribution problems
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Question 800
jamb1998
One of the economic problems of Nigeria today arises from?
Athe over utilization of human and natural resources
Bunavailability of mineral resources
Cinadequate manpower resources
Dthe under-utilization of human and natural resources
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Question 801
jamb1997
Given that at the beginning of 1973, Nigeria with a birth rate of 3% per annum had a population of 75million. This implied that in that year
AThe population increased by 2.25million
BThere were 2.25 million live births
CThe government have to make provisions for 2.25 million children
D2.25 million - children were born
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Question 802
jamb1997
In the diagram below, the curve which represents firm's short-run average variable cost is curve
Al
Bll
Clll
DIV
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Question 803
jamb1997
From the diagram above, the quantity of output is determined by the point
AM
BN
CH
DF
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Question 804
jamb1997
The movement of curve I to ll suggests
Aan improvement in capital goods technology but not in consumer goods technology
Ba movement from unemployment to full employment
Cthat the output for the society has declined
Da gain in consumer goods technique and not in capital goods technique
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Question 805
jamb1997
The current stage of the economy is depicted in curve 1. Point P suggests that the economy is
Areaching full employment but not full prodduction
Battaining full production but not full employment
Cunder capitalized
Dattaining both full employment and full production
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Question 806
jamb1997
An important feature of a cartel is that?
Amembers do not reduce price below the cartel price
Beach member has a fixed output above which it is not expected to produce
Ca powerful member fixes the price at which others will sell
Dmembes fix the prices for their products
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Question 807
jamb1997
The organization which provides credit to help countries achieve short-term balance in their balance of payment is the?
AEconomic Community of West Africa States
BInternational Monetary Fund
CInternational Bank for Reconstruction and Development
DAfrican Develoment Bank
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Question 808
jamb1997
In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.
(ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.
Ai, ii and iii
Bi, ii and iv
Ci, ii, iii and vi
Di, ii, iii and iv
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Question 809
jamb1997
Counter trading is an international arrangement whereby?
Agoods and services are exchanged in a manner similar to barter
Bgoods and services are sold on the counter
Ccrude oil is sold to a foreign country
Dgoods are shipped to countries on which the United Nations has placed a trade embargo
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Question 810
jamb1997
Which of the following classes of goods accounts for largest proportion of Nigeria's imports?
