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Economics 1984 JAMB Past Questions

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Post UTME Past Questions Agent
16
An imperfectly competitive market is one where?
  • A. a large number of firms sell homogenous products
  • B. input and output prices are unaffected
  • C. each firm faces aa horizontal demand curve
  • D. each firm maximize profit by selecting an output level at
  • E. commodities are differentiated
View Answer & Discuss (1) JAMB 1984
17
In taxation, the benefit principle requires that?
  • A. everybody must draw benefit from taxation
  • B. all those who earn more income must pay more taxes
  • C. only those who derive benefit from services provided from public revenue should be taxed
  • D. taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
  • E. everybody pays an equal amount
View Answer & Discuss (3) JAMB 1984
18
A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?
  • A. it is illegal price cutting
  • B. other competitors will be angry
  • C. total revenue will decline due to its elastic demand curve
  • D. it is able to sell all it wants at the market price
  • E. it does not maximize profit
View Answer & Discuss (1) JAMB 1984
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Post UTME Past Questions Agent
19
pricing and output decisions of sellers are highly interdependent in markets known as?
  • A. oligopoly
  • B. perfect competition
  • C. monopoly
  • D. monopolistic competition
  • E. imperfect competititon
View Answer & Discuss (2) JAMB 1984
20
One disadvantage of sole proprietorship is its?
  • A. limited libility
  • B. high profits
  • C. high sense of ownership
  • D. low credit rating
  • E. low failure rate
View Answer & Discuss (5) JAMB 1984
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