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.
Which of the following statements must hold if price discrimination is to be possible?
AElasticities in the various markets must not differ
BThe seller must recognise the possibility of resale
CThe market must not be separated but integrated
DThe markets should be seperable and there should be no resale.
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Question 922
jamb1991
In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when
A\( \begin{matrix} P_ x = P _ y \\ MP _ x = MP _ y \end{matrix} \)
B\(\begin{matrix} MP _ x = P _ x \\ MP _ y = P _ y \end{matrix}\)
CP x. MP x = P y. MP y
DP x P y = MP x. MP y
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Question 923
jamb1991
The value of total output in the economy using the value added approach is
AN57.00
B37.00
C20.00
D15.00
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Question 924
jamb1991
The long-run equilibrium price and quantity for the firm are respectively
AOP,OY
BOR,OZ
COR,OX
DOQ,OZ
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Question 925
jamb1991
The excess profit made by the firm in the short-run is represented by
AORTZ
BOPVY
CORTW
DORSX
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Question 926
jamb1991
Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?
AN2000.00
B1 200.00
C1000.00
D400.00
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Question 927
jamb1991
Demand is relatively inelastic
Aat P2 range
Bin the P2 P 4 price range
Cat P3 only
Dat any price below P2
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Question 928
jamb1991
The firm portrayed is selling in
Aa purely competitive market
Ba market in which demand elastic at all prices
Can imperfectly competitive markket
Da market in which companies produce homogeneous commodities
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Question 929
jamb1991
Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because
Amanagerial economies
Bindivisibilities
Cthe extent of the market
Dthe pooling of dissimilar risks
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Question 930
jamb1991
A major obstacle to economic development is?
Aa rise in industrial output
Blow farm productivity
Cfree trade
Dineffective trade unions
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Question 931
jamb1991
If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?
AW -P - R - Z
BW + P + Z - R
CP - R - Z + W
DW + P + R + Z
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Question 932
jamb1991
In the national income and product accounts, double counting is avoided if?
Aonly final goods counted
Bonly intermediate goods are counted
Conly intermediate and final goods are counted
Dthe value of all goods and services are added together
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Question 933
jamb1991
The Gross Domestic Product is defined as the total value of?
Aall final goods and services produced in a country during the year
Ball assets of a country in a particular year
Cexports net of total value of imports
Dall receipts
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Question 934
jamb1991
It is important to measure the National Income of a country because?
Ait is a major determinant of the standard of living
Bit reveals hazards of development like pollution and congestion
Cit reveals the distribution of the citizen's savings in foreign banks
Dits size determines the extent of political stability
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Question 935
jamb1991
The age distribution of a country's population is of economic importance because it affects the?
Apattern of expenditure
Bsize of the army
Coptimum size of firms
Dlocation of industries
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Question 936
jamb1991
The higher the the dependency ratio the?
Alarger the proportion of the employed relative to the unemployed
Bsmaller the proportion of the active labour force relative to the inactive
Csmaller the number of the non-working age groups relative to the active labour force
Dlower the birth rate
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Question 937
jamb1991
Under flexible exchange rates, a deficit could be corrected by?
Afreezing the gold point
Bappreciation of other currencies
Cremoving export subsidies
Dremoving tariffs
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Question 938
jamb1991
there is an improvement in the terms of trade of a country if?
Aa large quantity of exports is given up to obtain a unit of imports
Bthe volume of exports is greater than the volume of imports
Ca smaller quantity of exports is given up to obtain a unit of imports
Dthe value of exports is greater than the value of imports
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Question 939
jamb1991
One of the advantages of international trade is that it?
Aincreases world output
Bencourages economic independence among nations
Crestricts spread of technical knowledge
Dpromotes self-reliance and satisfaction with only what can be produced internally
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Question 940
jamb1991
Personal distribution of income implies?
Athe way in which income is distributed among specific households or spending units
Bthe distribution of income according to basic resources
Cdividing income according to industries
Ddividing income between personal taxes, consumption expenditures and savings
