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Economics 2016 JAMB Past Questions

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11

From the graph above P2 in price control situation is referred

  • A. Minimum price
  • B. Shut-down price
  • C. Maximum price
  • D. Mark-up price
View Answer & Discuss (11) JAMB 2016
12

The additional cost incurred by producing an additional unit of output is known as

  • A. Fixed cost
  • B. Total cost
  • C. Average cost
  • D. Marginal cost
View Answer & Discuss (1) JAMB 2016
13

One of the factors that determine the supply of agricultural produce in Nigeria is

  • A. Price of substitutes
  • B. Technological development
  • C. Consumers choice
  • D. Consumers income
View Answer & Discuss (6) JAMB 2016
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14
From the graph above, fixing maximum price of garri below equilibrium prices at P1 will
  • A. Encourage the production of garri
  • B. Create an excess supply of garri
  • C. Increase the consumption of garri
  • D. Decrease the consumption of garri
View Answer & Discuss (3) JAMB 2016
15

In the theory of the consumer behavior, a consumer is said to maximize utility when

  • A. Marginal utility of a commodity is equal to the price paid for it
  • B. Marginal utility of a commodity X is equal to the price of commodity Y
  • C. Average utility of a commodity is equal to the price paid for it
  • D. Total utility of a commodity is equal to the price paid for it
View Answer & Discuss (1) JAMB 2016
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