Economics 1993 JAMB Past Questions

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If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?

A. marginal revenue of the enterprise
B. marginal revenue product of labour in the enterprise
C. average revenue of the enterprise
D. marginal cost of production

View Answer & Discuss JAMB 1993

If the equilibrium price of a certain commodity is N120.00 and the government fixed its price at N110.00, the supply will be?

A. greater than the equilibrium supply
B. smaller than the equilibrium supply
C. the same as the equilibrium supply
D. a determinant of the market forces of equilibrium

View Answer & Discuss JAMB 1993

If the price elasticity of demand for a certain commodity is less than unity, then?

A. an increase in the price of the commodity will raise the total revenue of the producer
B. an increase in price leaves the total revenue unchanged
C. a decrease in price raises the total revenue of the supplier
D. a decrease in price leaves the total revenue constant

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At equilibrium, one of the distinctive features of monopoly compared with perfect competition is that in the former?`

A. price is always equal to marginal cost
B. supply is always equal to demand
C. price is always higher than marginal cost
D. there are always many buyers and many sellers

View Answer & Discuss (2) JAMB 1993

Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`
i Breaking the bulk
ii Packing the goods in smaller containers
iii Providing vital information
iv Grant credit facilities

A. i and ii
B. i and iv
C. ii and iii
D. i, ii, iii and iv

View Answer & Discuss (1) JAMB 1993

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Economics 1993 JAMB Past Questions

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