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Economics 1988 JAMB Past Questions

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21
In the short run, the monopolistic competitors?
  • A. always makes profit
  • B. always incurs a loss
  • C. always breaks -even
  • D. may close down
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22
Price leadership is?
  • A. a form of tacit collusion
  • B. used to explain price rigidity
  • C. illegal in nigeria
  • D. a form of overt collusion
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23
The additional revenue obtained by using one more unit of a factor is called?
  • A. average product
  • B. marginal product
  • C. diminishing returns
  • D. marginal revenue product
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24
In a public company, enterpreneurial functions are performed by the?
  • A. workers
  • B. shareholders
  • C. general manager
  • D. board of directors
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25
The most important limitation on the partner as a form of business enterprise is the?
  • A. implication for partners'liability
  • B. legal limitation placed on the number of partners
  • C. difficulties arising from having two co-ordinate heads of a firm
  • D. fact that each partner regardless of the capital he contributes, must have the same voting rights
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