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Economics 2012 JAMB Past Questions

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11

The cost elasticity of supply is a useful instrument for measuring

  • A. profit
  • B. productivity
  • C. national income
  • D. price index
View Answer & Discuss (1) JAMB 2012
12

The invisible hand promotes the interests of

  • A. consumers
  • B. society
  • C. government
  • D. producers
View Answer & Discuss (2) JAMB 2012
13

Fixing price above equilibrium will cause

  • A. demand and supply to remain constant
  • B. an increase in quantity supplied
  • C. an increase in supply
  • D. a decrease in quantity supplied
View Answer & Discuss (4) JAMB 2012
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14

An important function of the price system is to

  • A. ensure that producers' profits remain high
  • B. guarantee full employment of resources
  • C. allocate resources to most productive uses
  • D. protect the economic interests of government
View Answer & Discuss (12) JAMB 2012
15

If all factors are variable in the long run,firms will experience

  • A. decreasing returns to scale
  • B. increasing returns to scale
  • C. diminishing returns
  • D. economies of scale
View Answer & Discuss (2) JAMB 2012
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