Question 371:

• JAMB 2014

The precautionary demand for money is determined by

A. The rate of interest
B. The level of savings
C. The level of income
D. General price level

Question 372:

• JAMB 2014

An inflation that co-exists with high rate of unemployment is

A. Hyperinflation
B. Stagflation
C. Demand-pull inflation
D. Cost-push inflation

Question 373:

• JAMB 2014

Division of labour requires that, the tasks in a production line be performed

A. By specialists
B. In stages
C. By all workers
D. By unskilled labourers

Question 374:

• JAMB 2014

Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

A. N30
B. N40
C. N10
D. N20

Question 375:

• JAMB 2014

Rent and administrative expenses are examples of

A. Average fixed costs
B. Average variable costs
C. Fixed costs
D. Variable costs