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Economics 1995 JAMB Past Questions

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11
Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?
  • A. real income
  • B. profit
  • C. economic rent
  • D. real wage
View Answer & Discuss JAMB 1995
12
The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?
  • A. a fixed cost
  • B. an implicit cost
  • C. a variable cost
  • D. a prime cost
View Answer & Discuss JAMB 1995
13
The effect of changes in the condition of demand on a demand schedule with the price constant is?
  • A. A movement along the demand curve
  • B. deflation of the demand curve
  • C. hyperbola formation by the demand curve
  • D. shift of the demand curve
View Answer & Discuss JAMB 1995
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14
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
  • A. A decrease in supply will lead to fall in price and a fall in the quantity bought and sold
  • B. An increase in demand will lead to a fall in price and quantity bought and sold
  • C. A decrease in demand will lead to a rise in price and in the quantity bought and sold
  • D. An increase in supply will lead to a fall price and a rise in the quantity bought and sold
View Answer & Discuss (4) JAMB 1995
15
In a free market economy, available resources are more efficiently allocated by complete reliance on?
  • A. development planning
  • B. strategic planning
  • C. capital budgeting
  • D. price system
View Answer & Discuss JAMB 1995
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