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Economics 2004 JAMB Past Questions

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41
A necessary condition for specialization in an economy is the existence of
  • A. a regulated market
  • B. a competitive market
  • C. a medium of exchange
  • D. adequate capital
View Answer & Discuss JAMB 2004
42
A firm operating at full capacity will experience rising short-run total costs when
  • A. prices of its variable inputs rise
  • B. prices of its variable inputs fall
  • C. there is a change in management
  • D. labour productivity increases
View Answer & Discuss JAMB 2004
43
In a textile factory, the cost of cotton used is a typical example of
  • A. an average cost
  • B. a variable cost
  • C. a fixed cost
  • D. a total cost
View Answer & Discuss (4) JAMB 2004
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44
A black market can occur when
  • A. supply is in excess of demand
  • B. consumption of the commodity is restricted
  • C. prices are set by government above the equilibrum
  • D. prices are set by government below the equilibrium
View Answer & Discuss (9) JAMB 2004
45
The diagram above represents the short-run position of a monopolist. The profit-maximizing output is
  • A. Q3
  • B. Q4
  • C. Q1
  • D. Q2
View Answer & Discuss (2) JAMB 2004
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