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Economics 2015 JAMB Past Questions

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56
A major limiting factor of mass production is
  • A. efficient management
  • B. adequate labour supply
  • C. small size of the market
  • D. adequate supply of raw materials
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57
When elasticity is zero, demand curve is
  • A. perfectly elastic
  • B. perfectly inelastic
  • C. down-ward sloping
  • D. upward sloping
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58
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
  • A. MUX = MUA
  • B. MUX = PX
  • C. PX = X
  • D. PX = PY
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59
Which of the following could be used to measure the efficiency of labour?
  • A. rate of inflation
  • B. input-output ratio
  • C. buying more machines
  • D. unemployment rate
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60
How can a firm benefit from external economies?
  • A. Increasing its expenditure on advertising
  • B. Increasing the workforce
  • C. Locating in an area in which the industry is already established
  • D. Merging with another domestic firm engaged in the same industry
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