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2961

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

A. It is better to tax one whose demand is more elastic
B. It is better to tax one whose demand is more inelastic
C. Revenue will be the same from both commodities
D. It is not possible to say which will yield higher revenue
E. Government cannot make much revenue from taxing commodities

View Answer & Discuss JAMB 1980

2962

Which of the following is a correct definition of equilibrium price?

A. A price which covers production cost
B. A price which maximizes entreprenuer's profits
C. A price at which the quantity demanded equals the quantity supplied
D. A price at which a competitive firm is at equilibrium
E. A price which stabilizes farmer's income

View Answer & Discuss JAMB 1980

2963

If P₈ and P₉ represent the population of West African in 1978 and 1979 respectively, and given that in 1979.

D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by

A. P₉ = P₈ + D - B = I - E
B. P₉ = P₈ + B - D + I - E
C. P₉ =P₈ + B - D + E - I
D. P₉ = B - D + I - E
E. P₉ = P₈ + B + D + I + E

View Answer & Discuss JAMB 1981

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2964

A movement along a given demand curve for a good is caused by a change in

A. A consumer income
B. The price of the good
C. Taste
D. The prices of other goods
E. Population

View Answer & Discuss (1) JAMB 1981

2965

External economies are

A. The advantage accuring to a firm as a result of its expansion
B. The advantages accuring to one firm as a result of the existence of other firms in the same locality
C. Benefits derived by a firm as a result of its own individual policy
D. Reaped only by agricultural firms
E. Bound to increase the costs of production whatever the circumstances

View Answer & Discuss JAMB 1981

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