Question 391:

• JAMB 1978

When elasticity is zero, the demand curve is

A. Perfectly elastic
B. Perfectly inelastic
C. Concave
D. Downward slopping
E. Circular

Question 392:

• JAMB 1978

The following is NOT a reason for the existence of small firms

A. Scale of production is limited by size of the market
B. Expansion brings diminishing returns
C. Large firms can carter for wide markets
D. Small firms can provide personal services
E. All of the above

Question 393:

• JAMB 1978

Inferior goods are referred to in Economics as goods

A. Whose quality is low
B. Consumed by very poor people
C. Whose consumption falls when cunsumers' income rises
D. Which satisfy only the basic needs
E. None of the above

Question 394:

• JAMB 1978

Malthus became famous through his theory which may be stated simply

A. The death rate may become so high that people may not be able to produce
B. Population may outgrow the means of subsistence
C. People will eventually decide not to have children
D. Migration of people from one place to another may leave some parts of the world barren
E. All of the above

Question 395:

• JAMB 1978

A commercial bank is unique in that it is the only institution that

A. Makes loans to private people and businessmen
B. Accept deposits
C. Can store peoples' valuables
D. Can transfer money from one place to another for its customers
E. Saves money through the granting of credits