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Economics 1987 JAMB Past Questions

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11
The shut-down point for a firm in the short run is the output at which?
  • A. the pricr of the product is lowest
  • B. marginal Cost is constant
  • C. Average Variable Cost is not covered
  • D. Average Cost is minimum
View Answer & Discuss JAMB 1987
12
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
13
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
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14
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
15
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
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