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Economics 1988 JAMB Past Questions

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11
Total fixed cost measures the cost of?
  • A. all plant and machinery
  • B. all assets where quantity cannot be varied in the short run
  • C. all assets upon which the firm has control
  • D. prooerty owned by the firm
View Answer & Discuss JAMB 1988
12
The output at which total revenue equals total cost is known as?
  • A. profit-maximizing output
  • B. break even level output
  • C. loss-minizing output
  • D. least-cost output
View Answer & Discuss (1) JAMB 1988
13
A commodity is said to have a derived demand when the commodity
  • A. and another have joint demand
  • B. is demanded because of what it can help to produce
  • C. is demanded for different purposes
  • D. has inelastic demand
View Answer & Discuss JAMB 1988
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14
If goods were free, a rational consumer would consume?
  • A. an infinite amount of each good
  • B. the amount where marginal utility became zero
  • C. the same amount as when each good had a price
  • D. the amount where marginal utility was the highest
View Answer & Discuss JAMB 1988
15
Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?
  • A. Both the price and the quantity fall
  • B. The price rise and the quantity falls
  • C. The price falls and the quantity rises
  • D. Both the price and the quantity rise
View Answer & Discuss JAMB 1988
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