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Economics 1984 JAMB Past Questions

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11
If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?
  • A. percentage change in the quantity of X divded by the percentage change in the price of Y
  • B. percentage change in the quantity of X divided by change in the price of Y
  • C. change in the quantity of X divided by change in the price of Y
  • D. percentage change in the quantity of X divided by the price Y
  • E. percentage change in the price of X divided by percentage change in the quantity of Y
View Answer & Discuss JAMB 1984
12
For two substitution goods, the cross elastic of demand is?
  • A. greater than one but less than two
  • B. zero
  • C. negative
  • D. positive
  • E. infinity
View Answer & Discuss JAMB 1984
13
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
  • A. Excess supply
  • B. Favouritism
  • C. Bribery and corruption
  • D. Bllack marketing
  • E. Hoarding
View Answer & Discuss (1) JAMB 1984
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14
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
  • A. equal to marginal cost
  • B. greater than marginal cost
  • C. greater than average total cost
  • D. equal to marginal revenue
  • E. equal to toal revenue
View Answer & Discuss JAMB 1984
15
A demand curve slopes downwards because of ?
  • A. an increase inthe money income of the consumer
  • B. a decrease inthe money income of the consumer
  • C. the substitution effect and the rise in real income of the consumer
  • D. the rise in demand for the complementary goods
  • E. the increase in the demand for factors and production
View Answer & Discuss (2) JAMB 1984
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