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In the figure above, The broken line labelled M is the marginal revenue curve of a
AMonopoly
BCompetitive firm
CState corporation
DPartnership
EMonophony
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Question 2
jamb1985
Study the figure above. At paint H the price elasticity of supply is
APerfectly inelastic
BInelastic
CUnit elastic
DPerfectly elastic
EElastic
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Question 3
jamb1985
The interdependence between households and business enterprises illustrated in the figure is known as
AMarket interaction
BCash flow
CCircular flow of income
DSupply and demand for goods and services
EHousehold preference schedule
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Question 4
jamb1985
The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?
AX = 20, Y = 6
BX = 38, Y =9
CX = 46, Y = 9
DX = 46, Y = 14
EX = 10, Y = 10
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Question 5
jamb1985
In the table, the marginal cost when output is two, units is
A16.00
B20.00
C36.00
D40.00
E48.00
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Question 6
jamb1985
When total revenue is at a maximum, marginal revenue is?
Aconstant
Bnegative
Czero
Dpositive
Emaximum
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Question 7
jamb1985
The unemployment associated with a recession is called?
Avoluntary
Bfrictonal
Ccyclical
Dstructural
Emaximum
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Question 8
jamb1985
Disguised unemployment
Aexist when manpower is not being utilized efficiently
Bcalls for the implementation of five plans
Ccan be eliminated if the press is free
Dcan be eliminated if the capital output ratio is increased
Eis a statistical artifact with no economic meaning
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Question 9
jamb1985
The act of combining factor inputs in order to obtain specific output is known as
Afactor procurement
Bmanufacturing
Cinvestment
Dindustrialization
Eproduction
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Question 10
jamb1985
Which of the following is NOT a part of the fixed costs of a limited liability company?
AInterest on loans
BRent on buildings
CDepreciation reserves
DManagement expenditure
EWages
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Question 11
jamb1985
Under normal circumstances a producer will bear the entire burden of taxation on his output if the?
Ademand for his product is completely elastic
Bsupply of his goods is more elastic than the demand
Cdemand for his product is more elastic than the supply
Dproduction of his commodities is subject to diminishing returns
Eproduction of his commodities is subject to increase returns to scale
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Question 12
jamb1985
The process by which a country attempts to reduce the import of manufactured goods at home is described as?
Aexport-promotion
Bimport-substitution
Cindustrialization
Dexport-diversification
Eimport-creation
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Question 13
jamb1985
If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
Atechnical progress
Bsize of the population
Camount of natural resources
Dthe environment
Ethe quality of human resources
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Question 14
jamb1985
How many National Development Plans did Nigeria have between 1960 and 1984?
AOne
BTwo
CFour
DFive
ESix
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Question 15
jamb1985
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?
A14 days
B30 days
C60 days
D90 days
E100 days
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Question 16
jamb1985
Foreign exchange control in Nigeria is administered by the?
AUnited Bank for Africa
BUnion Bank of Nigeria
CFirst Bank Of Nigeria
DCentral Bank of Nigeria
ENatonal Bank of Nigeria
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Question 17
jamb1985
Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?
Ait would allowed for more money to be spent on luxuries
Bthe interest rate on the loan will increase
Cit would decrease the demand for Nigeria's exports
Dit would worsen Nigeria foreign exchange situation
ENigerias oil would sell less in the world market
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Question 18
jamb1985
The argument of tariff protection in less developed economies is that such a measure would
Araise the price of goods affected abroad
Bmake consumers pay a higher price for the domestically produced output
Cprotect young industries from ruinous competition from abroad
Dhelp reduced excess capacity in domestic industries
Estifle private investment intiatives
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Question 19
jamb1985
By terms of trade, we mean the?
Aratio of exports and imports
Bdifferences between exports and imports
Cdifferences between current account and capital account
Dindex of export prices to import prices expressed as a percentage
Eratio of short-term capital movements to long-term capital movements
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Question 20
jamb1985
Tax which is levied on goods manufactured, sold or used within a country is?
