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The curves Do Do and SoSo are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?
AThe supply curve will shift from SoSo to S2S2
BThe supply curve will shift from SoSo to S1S1
CThe supply curve will shift fromS 2S2 to S1S1
DThe supply curve will shift from S1S1 to SoSo
EThe demand curve will shift from DoDo to D1D1
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Question 3
jamb1983
In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?
ACurve I
BCurve ll
CCurve lll
DCurve lV
ECurves l and lll
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Question 4
jamb1983
In the diagram P1 S is a supply curve for a manufactured. it is shows that
Awhen price is OP1 quantity supplied is infinitely elastic
Bthe higher the price the greater the quantity supplied
Cthe higher the price the lower the quantity supplied
Dwhen price is zero quantity supplied becomes infinite
Ewhen price is infinite quantity supplied becomes zero
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Question 5
jamb1983
What is the market equilibrium price?
A5.00
B8.00
C9.00
D7.00
E6.00
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Question 6
jamb1983
Nigeria is currently implementing the?
Athird development plan
Bsecond development plan
Cfourth development plan
Dfifth development plan
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Question 7
jamb1983
Differentiated product is the characteristic feature of?
Aperfect competition
Bpure competition
Cmonopolistic competition
Dmonopoly
Eoligopoly
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Question 8
jamb1983
Demand for a factor of production is?
Aa composite demand
Ba joint demand
Ca derived demand
Dan elastic demand
Ecross-elasticity of demand
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Question 9
jamb1983
Full employment is a situation in which?
Aevery adult is employed
Ball adults who can work are employed
Call person who attained the age of 15 and above are employed
Donly the disabled are not employed
Eall those who are able and eligible can find employment
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Question 10
jamb1983
When demand is elastic, it means that consumers
Areact more proportionately to price change
Bare not sensitive to price changed
Cwill stop buying when price increases
Dreact less proportionately to price change
Ereact equally to price change
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Question 11
jamb1983
NEPA as a public corporation is?
Aa power generating industry in Nigeria
Borganized in a perfect competitive market
Ca duopoly
Da monopolistically competitive industry
Ea monopoly
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Question 12
jamb1983
Age-structure in Nigeria is such that the working age-group is in the years
A1-15
B15-65
C30-40
D40-65
E65 and above
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Question 13
jamb1983
Which of the following defines Economics most comprehensively?
ABuying and selling
BOrganization and Industries
Cstudy of human behaviour in the allocation of scarce resources
DNational development planning and budgeting
EBanking and Insurance
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Question 14
jamb1983
Agriculture plays a dominant role in West Africa economics because
Athe green Revolution in Nigeria is agriculture
Bit supplies all the foodstuff consumed in West Africa
Cthere are large plantation of cocoa, groundnut and palm oil in West Africa
Dit is the main source of revenue in Nigeria
Eit employs more than 50% of the total labour force in West Africa
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Question 15
jamb1983
Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
Amoney is regarded as a medium of exchange
Bmeasure for value
Cunit of account
Dstore of value
Estandard for deferred payments
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Question 16
jamb1983
The effect of emigration on a country's population, all other things remaining equal, is to
Aincrease its size
Bcause overpopulation
Cincrease its growth rate
Dreduce the proportion of children
Ereduce its size
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Question 17
jamb1983
The monetary system that requires double coincidence of want is known as?
Athe gold standard
Bbarter
Cthe commodity system
Dthe gold exchange standard
Ethe cheque system
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Question 18
jamb1983
Which of the following is NOT an advantage of localization of industries?
AReaping of external economies
BDevelopment of a pool or skilled labour for industry
CDevelopment of subsidiary industries
DDevelopment of organized markets
EGrowth of conurbations
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Question 19
jamb1983
When a government owns enterprises, a number of advantage arise. Which of the following is NOT one of such advantages?
AMore capital is provided
BPrice policy may be the interest of consumers
CGovernment workers may be indifferents towards the public
DInfrasturcture are rapidly developed
Eincome may be more evenly distributed
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Question 20
jamb1983
A major function of middlemen in Nigeria is the distribution of?
Acommodities to all consumers regardless of income
Bcommodities to consuming centres and the collection of money income to producing centres
