Question 556:

• JAMB 1981

If a commodity has many substitutes, it is most likely that?

A. The demand curve is fairly inelastic
B. The demand curve is fairly elastic
C. The demand curve is paraell to the quantity axis
D. The demand curve is positively sloped
E. The price of the commodity is too high

Question 557:

• JAMB 1981

Which of the following statement does NOT describe a situation of perfect competition.?

A. The firm faces an infinitely elastic demand curve
B. The firm makes no pure profit in the short run
C. The price does not change with changes in the output level of the firm
D. There is freedom of entry into, and exit out of the industry
E. The firm can sell all it produces at the market price

Question 558:

• JAMB 1981

Surplus in balance of payment leads to?

A. Inflation or increasing prices generally
B. Increases in foreign reserves
C. Decreases in foreign reserves
D. Government budget surplus
E. None of the above

Question 559:

• JAMB 1981

Which of the following does NOT belong in respect of the quantity of money?

A. Durability
B. Division into the smallest units of value
C. Portable
D. Identifiable by all
E. Measure of value

Question 560:

• JAMB 1981

Government budget can be described as the sum of?

A. Indirect tax, direct tax, and loans expected within a financial year
B. Planned recurrent expenditure and planned investment expenditure
C. Planned capital expenditure for a development plan within a plan period
D. Planned expenditure and expect revenue within a financial year
E. Planned expenses of all ministries within a financial year