Question 586:

• JAMB 1981

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

Question 587:

• JAMB 1981

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

Question 588:

• JAMB 1982

Economics is a science which deals basically with

A. The factors of production
B. Allocation of scarce resources
C. Oil exportation
D. The gross domestic product (GDP)
E. National income

Question 589:

• JAMB 1982

Economics is a science which deals basically with

A. The factors of production
B. Allocation of scarce resources
C. Oil exportation
D. The gross domestic product (GDP)
E. National income

Question 590:

• JAMB 1982

Economist speak about 'opportunity cost' when a person

A. Has the opporunity to attain a high degree of cost minimization
B. Has to forego one thing in order to have another
C. Can equate his fixed costs with his variable costs
D. Is able to run his business without much expenditure
E. Has to maximize utility in order to maintain a high standard of living