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Economics 1989 JAMB Past Questions

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6
if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?
  • A. (land, rent) (capital, wage), (labour, profit)
  • B. (land, interest) (capital,profit), (labour, wage),
  • C. (land, wage), (capital, interest), (labour,rent),
  • D. (land,rent), (capital, interest), (labour, wage),
View Answer & Discuss JAMB 1989
7
If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?
  • A. large-scale production
  • B. profit maximization
  • C. economies of scale
  • D. diseconomies of scale
View Answer & Discuss JAMB 1989
8
Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?
  • A. interest rate
  • B. returns on capital
  • C. alternative capital foregone
  • D. shadow price of foreign exchange
View Answer & Discuss (1) JAMB 1989
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9
If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?
  • A. 0.33
  • B. 0.0001
  • C. 1
  • D. 10,000
View Answer & Discuss (3) JAMB 1989
10
If, as the price of a commodity rises, the quantity demanded of the commodity remains the same, then the demand for the commodity is?
  • A. static
  • B. infinitely elastic
  • C. externally determined
  • D. perfectly inelastic
View Answer & Discuss (1) JAMB 1989
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