Economics Past Questions

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196

The sloping downward of the demand curve implies that?

A. an increase in price leads to an increase in quantity demanded
B. an increase in price leaves the quantity demanded unchanged
C. a decrease in price leads to a decreased in quantity demanded
D. a decrease in price leads to an increase in quantity demanded
E. supplies respond by offering less commodities for sale

View Answer & Discuss JAMB 1982

197

if AC = Average Cost of production ,

TC = Total Cost of production

VC = Variable Cost of production

FC = Fixed Cost of production

Q = Quantity of goods produced

Then,

A. AC = TC; TC = VC + FC
B. AC = \(\frac{(TC)}{Q}\): TC = VC + FC
C. AC = TC; TC = (VC)(FC) Q
D. AC = TC- FC: VC = TC- AC
E. AC = TC ; TC = VC + AC Q

View Answer & Discuss (4) JAMB 1982

198

Population growth can be calculated as ?

A. Birth rate + death rate + migration rate + immigration rate
B. Birth rate – death rate + migration rate -immigration rate
C. Birth rate + death rate – migration rate + immigration rate
D. Birth rate – death rate – emigration rate + immigration rate
E. Birth rate – death rate

View Answer & Discuss (3) JAMB 1982

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199

Retailers are greater in numbers than wholesalers because?

A. retail business may not be registered or incorporated
B. retail business requires less expertise
C. retailers deal with final consumers
D. all retail businesses are large enterprises
E. all retail businesses are small enterprises

View Answer & Discuss JAMB 1982

200

The purpose of import duties does NOT include the?

A. generation of revenue for government
B. protection of domestic industries
C. promotion of international trade
D. conservation of foreign exchange earnings
E. control of comsuption pattern

View Answer & Discuss (1) JAMB 1982

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