Question 621:

• JAMB 1982

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

A. An income elastic good
B. A normal good
C. An inferior good
D. Demand elastic
E. Supply elastic

Question 622:

• JAMB 1982

which is not responsible for the decline in food production in West Africa?

A. Neglect of agriculture by many people
B. Drift of young people rural to urban areas
C. Influence of weather and climate
D. Many of the countries do not balance of payments problems
E. Lack of good prices for agricultural products on the farm

Question 623:

• JAMB 1982

The most dominant economic activity which employs the largest number of people in West Africa is?

A. Manufacturing
B. Transport
C. Government
D. Agriculture
E. The petroleum industry

Question 624:

• JAMB 1982

Public enterprises are supported on the grounds that they are undertaken for

A. Increasing profit of the private sector
B. Reducing the burden of the private sector
C. Improving the welfare of the people
D. Earning profit for the people
E. Earning profit for the government

Question 625:

• JAMB 1982

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)
in the above table, the marginal cost of the 3rd unit of output is

A. 12
B. 6
C. 10
D. 2
E. 9