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Economics 1990 JAMB Past Questions

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11
If an increase in income induces a reduction in the demand for beans, beans can be referred to as?
  • A. a normal good
  • B. an inferior good
  • C. a substitute good
  • D. a giffen good
View Answer & Discuss JAMB 1990
12
The demand for a product is said to be price inelastic if?
  • A. the price elasticity of demand is less than one
  • B. the price elasticity of demand is greater than one
  • C. a reduction in price results in increase in the quantity demanded
  • D. an increase in price results in a decrease in the quantity demanded
View Answer & Discuss JAMB 1990
13
An imperfect market in which there is only one buyer of a commodity is?
  • A. monopsony
  • B. oligopoly
  • C. monoploy
  • D. duopoly
View Answer & Discuss JAMB 1990
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14
The tailoring services is competitive partly because it consists of a large number of?
  • A. large-scale enterprises
  • B. medium scale enterprises
  • C. small scale enterprises
  • D. government-owned enterprises
View Answer & Discuss (1) JAMB 1990
15
Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?
  • A. Cost of production is at a medium
  • B. The plant is of optimum size
  • C. Price is above marginal revenue
  • D. Average variable cost is at a minimum
View Answer & Discuss JAMB 1990
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