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Economics Past Questions

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2616
In which of the diagrams above, is the consumer surplus correctly shaded?
  • A. I
  • B. II
  • C. III
  • D. IV
View Answer & Discuss JAMB 1987
2617
A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by
  • A. P
  • B. Q
  • C. X
  • D. Y
View Answer & Discuss JAMB 1988
2618
If in this demand-supply diagram, the quantity supplied is OQ, then
  • A. price will be OP
  • B. there will be excess demand of RT
  • C. price will be ON
  • D. price will tend to rise
View Answer & Discuss JAMB 1988
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2619
If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are
  • A. complementary goods
  • B. substitutes
  • C. inferior goods
  • D. luxury goods
View Answer & Discuss (1) JAMB 1989
2620
In the diagram above what happens when the minimum wage is fixed at OW?
  • A. Unemployment is reduced
  • B. Unemployment results
  • C. The demand schedule will shift
  • D. the supply schedule will become steeper
View Answer & Discuss JAMB 1989
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