Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Output restriction, fixing of prices, creating obstacles to free entry into the market are features of?
Apure monopoly
Bperfect monopoly
Cperfect competition
Dmonopsonist competition
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Question 862
jamb1994
In the long run, a firm in a perfectly competitive market will make?
Anormal profit
Badnormal profit
Cmarginal profit
Dno profit
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Question 863
jamb1994
The basic idea behind brand differentiation under an imperfect market arrangement is to?
Astimulate demand for rival products
Bcreate demand for the particular product
Cenable the product penetrate the market
Denable the product to complete with others
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Question 864
jamb1994
Elasticity demand is an effective tool in the hands of a producer in that it enables him?
Araise his profit and lower his costs
Bdiscourage buyers from cheating
Cdetermine what he will produce
Dset his price to maximize his profit
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Question 865
jamb1994
A demand which is positively related to price is true of?
Anormal goods
Bgiffen goods
Costentatious goods
Dcapital goods
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Question 866
jamb1994
An increase in the supply of labour in a factory while other things remain equal will lead to?
Aan increase in the wage rate and an increase in the number of people employed
Ba decreased in the wage rate and a decrease in employment
Can increase in the wage rate and an decrease in the employment
Da decrease in the wage rate and an increase in employment
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Question 867
jamb1994
A firm determines its profit when it studies its?
AMarginal Cost
BAverage Cost
CTotal Cost
DAverage Cost relative to price in the market
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Question 868
jamb1994
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
Aalways reflects the cost of labour
Breflects the variable, but not the fixed cost of production
Cdoes not rise above variable costs
Dis determined by the cost of production and the current rate of inflation
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Question 869
jamb1994
A company's expenditure on raw materials is regarded as?
Aexplicit cost
Bimplicit cost
Cprime cost
Daverage cost
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Question 870
jamb1994
In the long run, all production factors are?
Afixed
Bsemi fixed
Cvariable
Dsemi-variable
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Question 871
jamb1994
When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?
Azero and decreasing
Bdecreasing and zero
Cnegative and decreasing
Dboth at their maximum
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Question 872
jamb1994
Unemployment can be reduced by?
Arestricting the productive base of the economy
Badopting capital-intensive techniques of production
Cadopting labour-intensive techniques of production
Dadopting a mixture of labour and capital-intensive techniques of production
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Question 873
jamb1994
If the actual population in a country is less than the optimum population, then?
Ait is desirable to have a large population
Bit is necessary to have an improved technology to sustain the population
Cit is desirable to have a smaller population
Dthe available resources are inadequate to substain the population
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Question 874
jamb1994
The population of country X in 1990 was 35 million.
The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.
A24,250,000
B25,350,000
C34,750,000
D35,250,000
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Question 875
jamb1994
Every economy requires an accurate census because it assist in?
Asolving inflation problem
Bproviding a sound framework for policy formulation
Cstimulating economic activities in the national economy
Dsolving unemployment problem
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Question 876
jamb1994
In a mixed economy, decisions to produce are taken by?
Amen and women acting in their own best interest
Bthe government acting in the interest of the country
Cthe market women, the labour unions and the employers association
Dprivate individuals, organization and the government
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Question 877
jamb1994
The necessity of choice is due to the fact that?
Ahuman wants are insatiable
Bconsumers like to maximize satisfaction
Cresources are abundant
Dconsumers are selective
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Question 878
jamb1994
The circular flow of income defines the?
Arelationship between ends and means in the economic system
Ballocation of income to various members of the household
Cflow of goods, services amd money among the various micro-sectors of the economy
Dmicro-economic relationships in economic analysis
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Question 879
jamb1994
Opportunity cost is an economic concept which describes the?
Amonetary equivalent of the utility of a commodity
Bamount of time or money invested on a commodity
Csacrifice made for the satisfaction of a want
Dcost of retaining an optimum level of production of commodities
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Question 880
jamb1994
The basic economic problems of the society include?
