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Economics Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
886
In a planned economy, what shall be produced is determined primarily by?
  • A. what the consumer wants
  • B. government decisions
  • C. price mechanism
  • D. the pattern of consumer spending
View Answer & Discuss JAMB 1999
887
A utility maximizing household will allocate its expenditure so that?
  • A. more naira is spent on commodities with the highest utility
  • B. less naira is spent on commodities with the lowest utility
  • C. the utility of the last naira spent on each commodity is equal
  • D. the amount spent on each commodity is equal
View Answer & Discuss (2) JAMB 1999
888
The downward sloping part of the long-run average cost curve of a firm may be attributable to?
  • A. diminishing returns
  • B. the law of variable proportions
  • C. diseconomies of scale
  • D. increasing returns to scale
View Answer & Discuss (2) JAMB 1999
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889
The main function of price in the economic system is to?
  • A. allocate scarce resources among competing uses
  • B. ensure equitable distribution of income and wealth
  • C. determine the demand for and the supply of goods and services
  • D. remove all the constraints on production of goods and services
View Answer & Discuss JAMB 1999
890
One of the characteristics of an imperfect market is the?
  • A. large number of buyers and sellers in the market
  • B. awareness of market conditions by buyers
  • C. availability of substitutes
  • D. heterogenetity of products
View Answer & Discuss JAMB 1999
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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