Economics Past Questions

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766

What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?

A. 1.25
B. 1.45
C. 0.25
D. 0.15

View Answer & Discuss JAMB 1995

767

If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500.

A. y > 300
B. y > 250
C. y > 200
D. y > 150

View Answer & Discuss (1) JAMB 1995

768

Both in the short run and in the long run, a firm maximizes its profits when?

A. MC = MR
B. AC = MC
C. AVC = AC
D. MC = AVC

View Answer & Discuss JAMB 1995

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769

Stocking small quantities of a variety of goods is a function of the?

A. manufacturer
B. wholesaler
C. retailer
D. consumer

View Answer & Discuss JAMB 1995

770

In a joint stock company, preference shareholders are those who receive?

A. high dividends when profits are high and little or nothing when profits are low
B. a fixed rate of individend and have the first claim on the net profits of the company
C. the remaining profits after all other shareholders have been paid
D. dividends quarterly when others receive annually

View Answer & Discuss JAMB 1995

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