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Economics 2003 JAMB Past Questions

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11
Short-run period in production is a period too short for a firm to be able to change its
  • A. scale of operation
  • B. total revenue
  • C. total outputs
  • D. variable inputs
View Answer & Discuss JAMB 2003
12
Price elasticity of supply is a ratio of the change in
  • A. original quantity to a change in new quantity
  • B. quantity supplied to the change in price
  • C. price to the change in quantity supplied
  • D. quantity supplied to the change in demand
View Answer & Discuss JAMB 2003
13

The long-run average cost curve is called a planning curve because it shows what happens to costs when

  • A. a bigger size of plant is built
  • B. differents sizes of plants are built
  • C. variable inputs are increased
  • D. fixed factors are increased
View Answer & Discuss (3) JAMB 2003
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14
Imperfect market is characterized by
  • A. perfect mobility of factors of production
  • B. many buyers and few sellers
  • C. a large number of buyers and sellers
  • D. non-preferential treatment
View Answer & Discuss (4) JAMB 2003
15

The term 'Near money' is best described as

  • A. a financial instrument that is readily convertible to cash
  • B. government financial instrument that is convertible to cash
  • C. time deposits with low interest rates
  • D. a financial asset that is convertible to cash
View Answer & Discuss (3) JAMB 2003
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