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Economics 1983 JAMB Past Questions

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46
What is the market equilibrium price?
  • A. 5.00
  • B. 8.00
  • C. 9.00
  • D. 7.00
  • E. 6.00
View Answer & Discuss (1) JAMB 1983
47
In the diagram P1 S is a supply curve for a manufactured. it is shows that
  • A. when price is OP1 quantity supplied is infinitely elastic
  • B. the higher the price the greater the quantity supplied
  • C. the higher the price the lower the quantity supplied
  • D. when price is zero quantity supplied becomes infinite
  • E. when price is infinite quantity supplied becomes zero
View Answer & Discuss JAMB 1983
48
In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?
  • A. Curve I
  • B. Curve ll
  • C. Curve lll
  • D. Curve lV
  • E. Curves l and lll
View Answer & Discuss (1) JAMB 1983
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49
The curves Do Do and SoSo are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?
  • A. The supply curve will shift from SoSo to S2S2
  • B. The supply curve will shift from SoSo to S1S1
  • C. The supply curve will shift fromS 2S2 to S1S1
  • D. The supply curve will shift from S1S1 to SoSo
  • E. The demand curve will shift from DoDo to D1D1
View Answer & Discuss (2) JAMB 1983
50
Which of the following are direct taxes?
  • A. Sales taxes
  • B. Excise taxes
  • C. Income and company taxes
  • D. Tarrif duties
  • E. Commodity taxes
View Answer & Discuss (1) JAMB 1983
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