Economics Past Questions

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2986

\(\begin{array}{c|c}
\text{Population(Million)} & \text{Food Production(Milion tonnes)} \\
50 & 220 \\
70 & 210 \\
90 & 225 \\
100 & 275 \\
\end{array}\)

In the data above, what is the optimum population in million?

A. 50
B. 70
C. 90
D. 100

View Answer & Discuss (4) JAMB 1992

2987

\(\begin{array}{c|c}
\text{Quantity of singlets} & \text{Short run total costs(N)} \\
0 & 1,000 \\
10 & 1,200 \\
20 & 1,400 \\
30 & 1,600 \\
40 & 1,800 \\
\end{array}\)

The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

A. N1000
B. N400
C. N70
D. N20

View Answer & Discuss JAMB 1992

2988

The type of business organizations mostly used for producing public goods in Nigeria is

A. Sole proprietorships
B. Limited liability companies
C. Co-operative societies
D. Statutory corporations

View Answer & Discuss (1) JAMB 1992

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2989

The terms of trade of a country is defined as

A. \(\frac{\text{Index of import prices}}{\text{Index of export prices}}\) x 100
B. \(\frac{\text{Index of exportable}}{\text{Index of importable}}\) x 100
C. \(\frac{\text{Index of visible imports}}{\text{Index of visible exports}}\) x 100
D. \(\frac{\text{Index of export prices}}{\text{Index of import prices}}\) x 100

View Answer & Discuss (5) JAMB 1992

2990