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Economics 2006 JAMB Past Questions

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46
A point P, the marginal rate of substitution is
  • A. less than one
  • B. greater than one
  • C. zero
  • D. unity
View Answer & Discuss JAMB 2006
47

\(\begin{array}{c|c}
\text{Number of Men} & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline
\text{Total product(Unit)} & 200 & 440 & 540 & 600 & 640 & 660 & 660 & 640 \\
\hline
\end{array}\)

What is the average product when 3 men are employed?

  • A. 120 units
  • B. 540 units
  • C. 100 units
  • D. 180 units
View Answer & Discuss (2) JAMB 2006
48
The price index is calculated as
  • A. \(\frac{\text{weighted price}}{\text{current price}}\) x \(\frac{100}{1}\)
  • B. \(\frac{\text{base year price}}{\text{current price}}\) x \(\frac{100}{1}\)
  • C. \(\frac{\text{current price}}{\text{weighted price}}\) x \(\frac{100}{1}\)
  • D. \(\frac{\text{current price}}{\text{base year price}}\) x \(\frac{100}{1}\)
View Answer & Discuss JAMB 2006
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49

The law of demand can be expressed as

  • A. P = f(Q d)
  • B. Q d = f(\(\frac{1}{p}\)
  • C. P = f(\(\frac{1}{Q_d}\)
  • D. Qd = f(P)
View Answer & Discuss (5) JAMB 2006
50
A constraint on the expansion of a firm is the
  • A. Rate of advertisement
  • B. Level of producers income
  • C. Tastes of the consumers
  • D. Size of the market
View Answer & Discuss JAMB 2006
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