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Economics 1991 JAMB Past Questions

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41
A major obstacle to economic development is?
  • A. a rise in industrial output
  • B. low farm productivity
  • C. free trade
  • D. ineffective trade unions
View Answer & Discuss (1) JAMB 1991
42
Consider the following diagram where XYZ represents the average curve of a firm. XY shows that as out put increases the average declines. However, this decline cannot continue indefinitely because
  • A. managerial economies
  • B. indivisibilities
  • C. the extent of the market
  • D. the pooling of dissimilar risks
View Answer & Discuss (4) JAMB 1991
43
The firm portrayed is selling in
  • A. a purely competitive market
  • B. a market in which demand elastic at all prices
  • C. an imperfectly competitive markket
  • D. a market in which companies produce homogeneous commodities
View Answer & Discuss (3) JAMB 1991
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44
Demand is relatively inelastic
  • A. at P2 range
  • B. in the P2 P 4 price range
  • C. at P3 only
  • D. at any price below P2
View Answer & Discuss JAMB 1991
45
Consider the table which shows output (o), total cost (TC)of production and marginal cost (MC) for a firm in a competitive market. Suppose price (P) = N 12, what is the maximum profit the firm can make ?
  • A. N2000.00
  • B. 1 200.00
  • C. 1000.00
  • D. 400.00
View Answer & Discuss (2) JAMB 1991
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