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176
Which of the following is NOT a characteristic of perfect competition?
  • A. many sellers and buyers in the markets
  • B. There is perfect knowledge
  • C. Supply and demand are equal
  • D. There is no advertising
  • E. Products are identical
View Answer & Discuss JAMB 1981
177
Opportunity cost is best defined as?
  • A. the penalty for not seizing golden opportunities
  • B. sacrificed alternative (output, income etc.)
  • C. the cost of creating job opportunities
  • D. payment made to an industrial worker
  • E. the difference between fixed and variable costs
View Answer & Discuss JAMB 1981
178

Progressive income tax can be expressed as

  • A. tax that falls as income rises
  • B. tax that rises as income falls
  • C. tax that is independent of income
  • D. tax that rises as income rises
  • E. tax that is neutral to income
View Answer & Discuss (1) JAMB 1981
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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179
Economics is a science which deals basically with
  • A. the factors of production
  • B. allocation of scarce resources
  • C. oil exportation
  • D. the gross domestic product (GDP)
  • E. national income
View Answer & Discuss JAMB 1982
180
Economist speak about 'opportunity cost' when a person
  • A. has the opporunity to attain a high degree of cost minimization
  • B. has to forego one thing in order to have another
  • C. can equate his fixed costs with his variable costs
  • D. is able to run his business without much expenditure
  • E. has to maximize utility in order to maintain a high standard of living
View Answer & Discuss JAMB 1982
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