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Economics 2010 JAMB Past Questions

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21

One of the characteristics of monopolistic competition is that

  • A. there is mobility of factors of production
  • B. no single seller dominates the market
  • C. the firms are price-takers
  • D. consumers have perfect knowledge of price
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22

The demand curve for factors of production

  • A. is perfect elastic
  • B. slopes upwards
  • C. slopes of downwards
  • D. is perfectly inelastic
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23

An agreement among firms on price and segmentation is termed

  • A. cartel
  • B. collusion
  • C. haggling
  • D. specialization
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24

In national income accounting, tax is determined by the

  • A. level of income
  • B. level of consumption
  • C. level of investment
  • D. rate of savings
View Answer & Discuss (1) JAMB 2010
25

A decrease in aggregate spending in an economy will ultimately lead to

  • A. boom
  • B. inflation
  • C. deflation
  • D. recession
View Answer & Discuss (4) JAMB 2010
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