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Athe quantity purchased is greater than quantity sold
Bthe quantity sold differs from the quantity purchased
Cat a lower price, a large quantity is sold
Dthe quantity demand differs from the quantity supplied
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Question 942
jamb1991
If a society is operating on the production possibility curve, this implies that the resources are?
Afully and efficiently utilized
Bfully but inefficiently utilized
Cefficiently but not fully utilized
Dabundant
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Question 943
jamb1991
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?
A1.25
B0.80
C0.50
D0.40
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Question 944
jamb1991
At any given level of output, a firm's total variable cost equals ?
Atotal cost less marginal cost
Btotal cost less total fixed costs
Ctotal cost less average cost
Daverage variable cost and marginal cost
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Question 945
jamb1991
At any given level of output, the total cost of a firm equals the?
Amarginal cost plus the average cost
Bfixed costs less its varriable cost
Caverage cost multiplied by variable costs
Deconomic costs multiplied by variable costs
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Question 946
jamb1991
If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
Aincreasing returns to the variable factor
Bincreasing returns to scale
Cconstant returns to variable factor
Dexternal economies of scale
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Question 947
jamb1991
Macroeconomics is a study of economics science from the point of view of?
Aresource markets or production units
Bindividual producers or consumers
Caggregate or general economy
Dcompanies or individual firms
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Question 948
jamb1991
A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.
AThe five naira she spent on the book
BFive naira real cash value
Cthe mirror
DThe book
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Question 949
jamb1991
Economic goods are termed scarce goods when they are?
Anot available in sufficient quantities to satisfy all wants for them
Bnot produced in sufficient quantities to satisfy the effefctive demand for them
Cof high quality
Dof primary importance in satisfying the needs of a society
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Question 950
jamb1991
In market economy, the question of what, how and for whom to produce are solved the
Aelected representative
Bplanning committe
Cprice mechanism
Dgovernment
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Question 951
jamb1990
The demand curve would shift to the left when there is a rise in
AConstant proportions
BConstant complement
CIncome
DThe supply of the commodity
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Question 952
jamb1990
Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above
AA
BB
CC
DD
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Question 953
jamb1990
In the diagram above, RTX and STY are the marginal cost and the average cost curves responsively of a perfectly competitive firm. The supply curve of the firm is indicated by
ATX
BRT
CST
DTY
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Question 954
jamb1990
THE RELATIONSHIP BETWEEN TAX RATE AND INCOME WHICH IS RELEVANT TO A PROPORTIONAL TAX IS DEPICTED BY
ACURVES Z AND Y
BCURVE X
CCURVE Z
DCURVE Y
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Question 955
jamb1990
The relationship between tax rate and income which is relevant to a progressive tax is shown by
Acurve X
BcurveY
Ccurve Z
Dcurve X and Z
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Question 956
jamb1990
The lower half of the diagram indicates
Athe flow of goods and services
Bpayments for goods and services
Cthe flow of income
Dgovernment transactions
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Question 957
jamb1990
The flow labelled Y refers to
Areal income
Bfactor payment
Cfactor input
Dnational income
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Question 958
jamb1990
Agriculture is central to Nigeria''s economic development because?
ANigeria''s comparative advantage lies mainly in agro-allied industries
Bagriculture is the largest employer of labour
Cagriculture accounts for an insignificant domestic product
DNigeria earns limitless foreign exchange from agriculture
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Question 959
jamb1990
The most common index used for measuring development is?
