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Economics 1992 JAMB Past Questions

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11
If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?
  • A. fall in both quantity of demand and total revenue
  • B. fall in the quantity demanded and rise in total revenue
  • C. fall in the quantity demanded and rise in marginal revenue
  • D. rise in both the quantity demanded and the marginal revenue
View Answer & Discuss (1) JAMB 1992
12
The demand curve for a normal good will shift to the left if?
  • A. the incomes of consumers rise
  • B. the price of the goods rises
  • C. the price of complementary goods rises
  • D. advertising expenditure on complementary goods increase
View Answer & Discuss (3) JAMB 1992
13
A firm with marginal cost equals to its marginal revenue will produce the equilibrium output if it is in?
  • A. pure competition only
  • B. pure monopoly only
  • C. monopolistic competition only
  • D. any type of market
View Answer & Discuss (1) JAMB 1992
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14
An important function of the retailer is to?
  • A. grant credit to the wholesaler
  • B. break bulk and sell products in small units
  • C. reduce cost of distribution
  • D. generate demand for products through advertisement
View Answer & Discuss JAMB 1992
15
The main handicap of sole proprietorship is?
  • A. limited liability
  • B. lack of technical know-how
  • C. low profit margin
  • D. inadequate capital
View Answer & Discuss JAMB 1992
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