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Economics Past Questions

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801
Labour productivity is the ratio of?
  • A. labour to output
  • B. man-hours to output
  • C. output to man-hours
  • D. average product to man-hours
View Answer & Discuss (1) JAMB 1997
802
The type of cost which has to be covered for a firm to continue production in the short-run is the?
  • A. overhead cost
  • B. fixed cost
  • C. marginal cost
  • D. average variable cost
View Answer & Discuss (2) JAMB 1997
803
A good is said to be inferior if its demand?
  • A. rises as it price rises
  • B. falls as it price rises
  • C. rises as it price falls
  • D. is perfectly inelastic
View Answer & Discuss (7) JAMB 1997
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804
Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
  • A. 20 and 80
  • B. 30 and 120
  • C. 40 and 60
  • D. 60 and 240
View Answer & Discuss JAMB 1997
805
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?
  • A. the equilibrium price and quantity will increase
  • B. only the price will increase
  • C. only the quantity will increase
  • D. the price will remain constant
View Answer & Discuss (1) JAMB 1997
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