Economics Past Questions

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2651

Elasticity of demand is an effective tool in the hand of a producer in that it enables him

A. rise his profits and lower his, costs
B. discourage buyers from cheating
C. determine what he will produce
D. set his price to maximize his profit

View Answer & Discuss JAMB 1994

2652

In the circular flow of income above, the direction of flow of payments for consumption purchases is shown by the arrow

A. K
B. L
C. M
D. N

View Answer & Discuss (2) JAMB 1995

2653

In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

A. 23 and 20
B. 22 and 19
C. 14 and 19
D. 11 and 20

View Answer & Discuss (4) JAMB 1995

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2654

In the diagram above, the total revenue of the monopolist is given by the area

A. OQ₁MP₂
B. P₄MTP₁
C. OQ₁ TP₁
D. OQ₂SP₂

View Answer & Discuss JAMB 1995

2655

The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

A. P₁EHP_o
B. P_oHQ_o0
C. P₁EQ_o0O
D. P₁ED₁P_o

View Answer & Discuss (1) JAMB 1995

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