Question 576:

• JAMB 1981

Opportunity cost is best defined as?

A. The penalty for not seizing golden opportunities
B. Sacrificed alternative (output, income etc.)
C. The cost of creating job opportunities
D. Payment made to an industrial worker
E. The difference between fixed and variable costs

Question 577:

• JAMB 1981

Progressive income tax can be expressed as

A. Tax that falls as income rises
B. Tax that rises as income falls
C. Tax that is independent of income
D. Tax that rises as income rises
E. Tax that is neutral to income

Question 578:

• JAMB 1981

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

A. 15k, 13,000
B. 20k, 17,500
C. 13k, 20,000
D. 18k, 18,000
E. 18k, 15,000

Question 579:

• JAMB 1981

In this diagram, So So is the original supply curve while S₁ S₁ represent?

A. A movement along a give supply curve
B. An increase in supply
C. Decrease in supply
D. A perfect elastic supply curve
E. An abnormal supply curve

Question 580:

• JAMB 1981

From the above, the Growth Rate of Total National Output or GDP is

A. 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B. 20.0%, i.e. (2 + 5 + 10 +3)%
C. 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D. 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E. Not obtainable