Question 306:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\
\hline
1 & 25 \\
\hline
2 & 31 \\
\hline
3 & 40 \\
\hline
4 & 48 \\
\hline
5 & 55 \\
\end{array}\)


The marginal product at the fifth variable factor is

A. 7
B. 6
C. 5
D. 9

Question 307:

• JAMB 2015

The financial institution known as a building society is

A. Commercial bank
B. Central bank
C. Mortgage bank
D. Development bank

Question 308:

• JAMB 2015

A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is

A. Supply curve
B. Liquidity preference
C. Budget line
D. Demand curve

Question 309:

• JAMB 2015

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

A. E = C + I + G
B. E = C + I + G + M – X
C. E = C + I + G + X – M
D. E = C + I + G – T + M – X

Question 310:

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A. 12.5
B. 12
C. 15
D. 10