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Economics 2011 JAMB Past Questions

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11

Ranking is the method use in measuring

  • A. marginal utility
  • B. ordinal utility
  • C. cardinal utility
  • D. total utility
View Answer & Discuss JAMB 2011
12
If a firm is faced with an elastic supply curve, its revenue will
  • A. be supplied at a higher price
  • B. double at a higher price
  • C. increase by more than the percentage increase in price
  • D. equal percentage change in price
View Answer & Discuss JAMB 2011
13

A firm will experience diseconomies of scale when

  • A. there are difficulties in coordinating production
  • B. there is shortage in labour supply
  • C. the size of market is small
  • D. there is an increase in the price of raw materials
View Answer & Discuss (4) JAMB 2011
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14

The law of variable proportions is applicable only

  • A. in the long-run period
  • B. to large-scale enterprises
  • C. to small-scale enterprises
  • D. in the short-run period
View Answer & Discuss (4) JAMB 2011
15

One of the characteristics of oligopoly is the availability of

  • A. few sellers
  • B. few buyers
  • C. many sellers
  • D. a single seller
View Answer & Discuss (1) JAMB 2011
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