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Economics Past Questions

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981
An important feature of perfect competition is that?
  • A. the movement of goods and services is restricted
  • B. there is adequate knowledge of existing prices
  • C. prices are centrally administered
  • D. individual economic units can influence prices
View Answer & Discuss JAMB 2001
982
If government fixes price below the equilibrium price, what effect will it have on demand?
  • A. Quantity demanded and supplied will be equal
  • B. Quantity supplied will be greater than quantity demanded
  • C. Quantity demanded will increase
  • D. Quantity demanded will decrease
View Answer & Discuss (3) JAMB 2001
983
An imperfect market exist where?
  • A. the product is homogenous
  • B. there is perfect information among sellers
  • C. both buyers and sellers have free entry into and free exits from the market
  • D. the location of some sellers gives them an advantage over others
View Answer & Discuss (1) JAMB 2001
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984
A production function relates?
  • A. cost to output
  • B. wages to profit
  • C. cost to input
  • D. output to input
View Answer & Discuss JAMB 2001
985
A major advantage of specialization and division of labour is that?
  • A. time wastage will be minimized
  • B. trade unions will be encouraged
  • C. there will be a ready market for labour
  • D. workers will be adequately rewarded
View Answer & Discuss JAMB 2001
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