Economics Past Questions

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2976

The interdependence between households and business enterprises illustrated in the figure is known as

A. Market interaction
B. Cash flow
C. Circular flow of income
D. Supply and demand for goods and services
E. Household preference schedule

View Answer & Discuss (1) JAMB 1985

2977

Study the figure above. At paint H the price elasticity of supply is

A. Perfectly inelastic
B. Inelastic
C. Unit elastic
D. Perfectly elastic
E. Elastic

View Answer & Discuss (4) JAMB 1985

2978

In the figure above, The broken line labelled M is the marginal revenue curve of a

A. Monopoly
B. Competitive firm
C. State corporation
D. Partnership
E. Monophony

View Answer & Discuss JAMB 1985

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2979

Average fixed cost is

A. Average total cost less the sum of average variable cost
B. Half the sum of all costs
C. Total fixed cost divided by the level of output
D. Total fixed cost plus marginal cost

View Answer & Discuss JAMB 1987

2980

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as

A. P = 12, Q = 16
B. P = 15, Q = 10
C. P = 12, Q = 14
D. P = 16, Q = 12

View Answer & Discuss (2) JAMB 1988

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