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Economics 2009 JAMB Past Questions

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11
A decrease in supply without a corresponding change in demand will lead to
  • A. an increase in equilibrium price and a decrease in equilibrium quantity
  • B. a decrease in equilibrium price and an increase in equilibrium qantity
  • C. a decrease in equilibrium price and equilibrium quantity
  • D. an increase in equilibrium price and quantity
View Answer & Discuss (2) JAMB 2009
12
In a regulated market, price is determined by
  • A. consumers
  • B. producers
  • C. auction
  • D. government
View Answer & Discuss JAMB 2009
13
Production takes place when
  • A. output is transformed into input
  • B. machines replace human effort
  • C. input is transformed into output
  • D. there is specialization and division of labour
View Answer & Discuss (2) JAMB 2009
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14
Which of the following can be deduced from the law of variable proportions when total output is rising?
  • A. MP is greater than AP
  • B. MP is less than AP
  • C. MP is equal to AP
  • D. MP is equal to zero
View Answer & Discuss (4) JAMB 2009
15
As the level of output increases, the average fixed cost of a firm will
  • A. continue to decrease
  • B. remain unchanged
  • C. continue to increase
  • D. be equal to the total cost
View Answer & Discuss (2) JAMB 2009
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