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Given that TC = TFC + TVC and TR = AR x Q, profit is equal to
A(AR + Q) - TFC
B\(\frac{\text{(TFC + TVC)}}{Q}\)
C(AR x Q) - TC
D\(\frac{\text{(TC x Q)}}{AR}\)
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Question 2
jamb1995
The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand.The tax imposed is borne
Atotally by the consumer
Btotally by the producer
Cequally by both the consumer and the producer
Dby the the government
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Question 3
jamb1995
The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by
AP1EHPo
BPoHQo0
CP1EQo0O
DP1ED1Po
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Question 4
jamb1995
In the diagram above, the total revenue of the monopolist is given by the area
AOQ1MP2
BP4MTP1
COQ1 TP1
DOQ2SP2
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Question 5
jamb1995
In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are
A23 and 20
B22 and 19
C14 and 19
D11 and 20
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Question 6
jamb1995
In the circular flow of income above, the direction of flow of payments for consumption purchases is shown by the arrow
AK
BL
CM
DN
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Question 7
jamb1995
The primary objective of all international economic organizations is to?
Aensure that third world countries get a better share of the world's resources
Bpromote international economic co-operation for the mutual benefit of all members
Cenforce structural adjustment programmes on less developed countries
Dencourage exports from the developed to the less developed countries
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Question 8
jamb1995
Foreign exchange rate in a free market economy is determined by?
Athe government
Bthe Central Bank
Cdemand and supply
Dcommercial banks
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Question 9
jamb1995
The demand made on each other by the agriculture and industrial sector as the economy grows are reflected in?
Abackward and forward linkages
Bhorizontal and vertical linkages
Cvertical linkages
Dfunctional linkages
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Question 10
jamb1995
An increasing population might be of economic benefit to a country if?
Athe female population is greater than the male population
Bthe dependency ratio is increasing as the total population increases
Ca continuosly higher proportion falls into working class category
Dthe rural and urban proportion ae balanced
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Question 11
jamb1995
Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will?
Aincrease by N1,000
Bdecrease by N 7,000
Cincrease by N7,000
Dincrease by N 13,000
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Question 12
jamb1995
Which of the following is mostly used to determine the cost of living?
AMarginal changes in prices
BConsumer price index
CPrices of imported and exported commodities
Dproducer price index
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Question 13
jamb1995
Which of the following is the cheapest for the government in improving the welfare of its citizens?
ASubsidy
BIncome supplement
CDonation to specific projects
DWages increase
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Question 14
jamb1995
One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to?
Ademand for increased special deposit
Bdecrease the cash ratio
Cbuy securities in the open market
Dreduce the rate of interests at which banks borrow from it
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Question 15
jamb1995
A bank is said to be distressed when it?
Ais unable to deal with the Central Bank
Bhas a low level of capital base
Chas low level of deposits
Dexperiences serious liquidity crisis
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Question 16
jamb1995
The best method to curb inflation in Nigeria is to
Areduce importation of commodities
Bincrease the general level of production
Creduce the volume ofmoney supply
Dset up price control boards
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Question 17
jamb1995
The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?
Aban on importation of foreign goods
Bpopulation upsurge
Cthe introduction of value-added tax
Dincrease in transport costs
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Question 18
jamb1995
the Central Bank's expansionary monetary policy is justified at a period?
Awhen the inflation rate is high and the economic is experiencing a boom
Bof economic depression accompanied by low capacity utilization
Cwhen trade unions are clamouring for higher wages
Dwhen price of crude petroleum is rising
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Question 19
jamb1995
The most important goal of OPEC is to?
Apresent a united front for the purpose of raising the price of crude oil
Bbring unity among the petroleum exporting states
Censuring political stability among member states
Densure that rules on quota producion are strictly followed
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Question 20
jamb1995
The major source of Nigeria's foreign exchange is the export of?
