Question 701:

• JAMB 1984

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

A. Excess supply
B. Favouritism
C. Bribery and corruption
D. Bllack marketing
E. Hoarding

Question 702:

• JAMB 1984

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

A. Equal to marginal cost
B. Greater than marginal cost
C. Greater than average total cost
D. Equal to marginal revenue
E. Equal to toal revenue

Question 703:

• JAMB 1984

A demand curve slopes downwards because of ?

A. An increase inthe money income of the consumer
B. A decrease inthe money income of the consumer
C. The substitution effect and the rise in real income of the consumer
D. The rise in demand for the complementary goods
E. The increase in the demand for factors and production

Question 704:

• JAMB 1984

An imperfectly competitive market is one where?

A. A large number of firms sell homogenous products
B. Input and output prices are unaffected
C. Each firm faces aa horizontal demand curve
D. Each firm maximize profit by selecting an output level at
E. Commodities are differentiated

Question 705:

• JAMB 1984

In taxation, the benefit principle requires that?

A. Everybody must draw benefit from taxation
B. All those who earn more income must pay more taxes
C. Only those who derive benefit from services provided from public revenue should be taxed
D. Taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
E. Everybody pays an equal amount