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Given that the prices and quantities supplied in litres of petrol is expressed as Qs = 25 + 0.25P. Qs is the quantity supplied and P is the price. Determine the quantity supplied when the price per liter is N30
A50litres
B32.5litres
C30litres
D35litres
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Question 2
jamb2015
From the diagram, determine the profit-maximizing output
A600
B800
C900
D1000
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Question 3
jamb2015
If the quantity supplied of a commodity increases from 20 to 30 units when there is an increase in price from N4 to N5, the elasticity of supply is
A4
B1
C2
D5
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Question 4
jamb2015
The theory of comparative cost advantage is associated with
AAdam Smith
BReverend Thomas Malthus
CProfessor trum fisher
DDavid Ricardo
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Question 5
jamb2015
In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced
AN75.00
BN100
CN175.00
DN125.00
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Question 6
jamb2015
The practice of selling goods overseas and often below the cost of production is known as
Aretailing
Bdumping
Cinternal trade
Dadvertising
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Question 7
jamb2015
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
AN4
BN8
CN2
DN10
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Question 8
jamb2015
What would encourage the growth of international division of labour?
AImprovement in transport system
BInstability in international exchange rate
CRestrictions on the movement of resources
Dincrease in tariff
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Question 9
jamb2015
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
AThere has been an increase in the consumer’s money income
BThere has been a reduction in the price of both A and B
CThere has been no change in the price of A or B
DThere has been no change in the price of A relative to the price of B
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Question 10
jamb2015
A smaller industry that grows to cater for the need of the major industry is
Asubsidiary industry
Bconstructive industry
Cmanufacturing industry
Dinfant industry
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Question 11
jamb2015
How can a firm benefit from external economies?
AIncreasing its expenditure on advertising
BIncreasing the workforce
CLocating in an area in which the industry is already established
DMerging with another domestic firm engaged in the same industry
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Question 12
jamb2015
Which of the following could be used to measure the efficiency of labour?
Arate of inflation
Binput-output ratio
Cbuying more machines
Dunemployment rate
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Question 13
jamb2015
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
AMUX = MUA
BMUX = PX
CPX = X
DPX = PY
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Question 14
jamb2015
When elasticity is zero, demand curve is
Aperfectly elastic
Bperfectly inelastic
Cdown-ward sloping
Dupward sloping
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Question 15
jamb2015
A major limiting factor of mass production is
Aefficient management
Badequate labour supply
Csmall size of the market
Dadequate supply of raw materials
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Question 16
jamb2015
What does the accelerator principles state?
AConsumption is a function of the rate of change of income
Bincome is a function of the rate of change of investment
CInvestment is a function of the rate of change of income
DInvestment is a function of the rate of interest
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Question 17
jamb2015
The total stock of money available for use in an economy is
Asupply of money
Bvalue of money
Cdemand for money
Dattribute of money
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Question 18
jamb2015
The situation whereby the government of a country spends more than its budgets for a given financial year is known as
Asurplus budget
Bdeficit budget
Cbalanced budget
Dminus budget
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Question 19
jamb2015
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
