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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
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416
In the long run a firm will leave an industry if price?
  • A. does not cover at at least Average Total Cost
  • B. is not equal to Marginal Cost
  • C. is higher than Average Varriable Cost
  • D. is not at least equal to the minimum of Marginal Cost curve
View Answer & Discuss JAMB 1987
417
In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?
  • A. substitution effect of a price change
  • B. income effect of a price change
  • C. opportunity cost of a price change
  • D. inflation effect of a price change
View Answer & Discuss (1) JAMB 1987
418
Price can be defined as?
  • A. a rate of exchange
  • B. a mediumof exchange
  • C. the cost of product
  • D. the standard of accounting
View Answer & Discuss (4) JAMB 1987
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419
In the operation of market forces, the market is in equilibrium at the point where?
  • A. demand and supply curve intersect in more than one point provided the market is cleared
  • B. the excess in market can be conveniently stored
  • C. excess demand is negative
  • D. demand and supply curves intersect
View Answer & Discuss JAMB 1987
420
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
  • A. price only
  • B. quantity only
  • C. quality only
  • D. price and quantity
View Answer & Discuss (2) JAMB 1987
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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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