Question 331:

• JAMB 2015

What will increase the likelihood that the firms in an industry will conclude to maximize their joint profit?

A. The industry has many differentiated products
B. The industry is characterized by rapid technological change
C. The industry consist of large number of producers
D. There are significant barriers to prevent firms entering the market

Question 332:

• JAMB 2015

A commercial bank can create money by

A. Issuing currency
B. Increasing cash ratio
C. Issuing cheque
D. Lending to borrowers

Question 333:

• JAMB 2015

The source of all economic problems arises from

A. Wants
B. Scarcity
C. Opportunity Cost
D. Scale of Preference

Question 334:

• JAMB 2015

The law of variable proportions is also known as

A. Law of demand
B. Law of diminishing returns
C. Law of diminishing marginal utility
D. Law of returns to scale

Question 335:

• JAMB 2015

All the following are problems identified with agriculture in West Africa except

A. Land tenure system
B. Ignorance of the farmers
C. Use of crude implement
D. Provision of food for the teeming population