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Economics 1985 JAMB Past Questions

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11
At every point on a indifference curve, the
  • A. total utility is decreasing
  • B. prices of all goods are constant
  • C. consumer is satiated
  • D. level of utility is constant
  • E. level of utility is increasing
View Answer & Discuss JAMB 1985
12
Under perfect competition, the long-run equilibrium requires?
  • A. MR = MC
  • B. MR = AC = AR
  • C. MR > MC
  • D. MR = MC = AR = AC
  • E. AR = AC
View Answer & Discuss JAMB 1985
13
If monopoly is attempting to maximize profit which of the following should it attempt to do?
  • A. Select that output at which ATC is at minimum
  • B. Set price equal to TC
  • C. Maximize profit per unit
  • D. Maximize revenue
  • E. Equate marginal cost to marginal revnue
View Answer & Discuss JAMB 1985
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14

The amount of labour a producer hires relative to labour factor inputs depends on the?

  • A. price of labour or it wage
  • B. price of labour, machinery and other inputs
  • C. price of machinery
  • D. price of the other inputs
  • E. type of machinery
View Answer & Discuss JAMB 1985
15
Which of the following is NOT a feature of underdevelopment?
  • A. Low per capita income
  • B. Vicious circle of poverty
  • C. Low level of industrialization
  • D. Greater dependence on primary production
  • E. High per capita income
View Answer & Discuss JAMB 1985
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