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Economics 2004 JAMB Past Questions

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36
One of the assumptions of ordinal utility in consumer behaviour is that
  • A. consumers are irrational
  • B. marginal utility rises continuously
  • C. utility is measurable
  • D. utility can only be ranked
View Answer & Discuss JAMB 2004
37

A large standard deviation is an indication of

  • A. the size of the sample
  • B. a wide spread around the mean
  • C. a wide difference between the mean and the mode
  • D. the difference between the highest and the lowest values
View Answer & Discuss (2) JAMB 2004
38
A major characteristic of a mixed economy is that
  • A. economic decisions are made by both the rich and the poor
  • B. both primary and secondary production are undertaken
  • C. the federal and the state governments undertaken joint projects
  • D. economic activities are undertaken by both the public and private sectors
View Answer & Discuss JAMB 2004
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39
Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?
  • A. N720.00
  • B. N216.00
  • C. N44.00
  • D. N880.00
View Answer & Discuss (4) JAMB 2004
40
If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be
  • A. jointly supplied
  • B. competitive
  • C. composite
  • D. jointly demanded
View Answer & Discuss (6) JAMB 2004
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