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Economics 2005 JAMB Past Questions

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21
In a car assembly plant, division of labour is demonstrated by
  • A. assigning each worker to a specific activity
  • B. assigning each worker a given number to produce
  • C. increasing the daily output
  • D. producing a specific model
View Answer & Discuss JAMB 2005
22
Under perfect competition, the short-run supply curve of a firm is determined by its
  • A. total cost curve
  • B. marginal cost curve
  • C. average fixed cost curve
  • D. average cost curve
View Answer & Discuss JAMB 2005
23

The hoarding of goods is usually experienced when

  • A. supply is greater than demand
  • B. the market price above the equilibrium price
  • C. demand is greater than supply
  • D. excess demand is greater than excess supply
View Answer & Discuss (1) JAMB 2005
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24
The technical relationship between input combination and maximum attainable output is called
  • A. a production function
  • B. an indifference curve
  • C. an isocost
  • D. an isoquant
View Answer & Discuss JAMB 2005
25
If the marginal utility of the last unit of commodity X at N2 is 16 and that of commodity Y at N 4 is 24, the consumer will be at equilibrium when
  • A. the price-quantity ratios are equal
  • B. equal amounts of X and Y are consumed
  • C. less of Y and more of X are consumed
  • D. less of X and more of Y are consumed
View Answer & Discuss (1) JAMB 2005
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