Question 451:

• JAMB 1979

By utility we mean

A. Usefulness
B. Power of satisfying a want
C. Beneficial
D. Advantageous
E. Consumable

Question 452:

• JAMB 1979

Which of the following is not an indirect tax?

A. Excise duty
B. Company tax
C. Import duty
D. Export duty
E. Sales tax

Question 453:

• JAMB 1979

Average cost is

A. The total cost of production
B. The extra cost of producing one additional unit of output
C. Cost of producing a unit of output
D. Variable cost
E. Overhead cost

Question 454:

• JAMB 1979

opportunity cost is the

A. Price of scarce goods
B. Resources required for making a commodity
C. Cost of luxury goods
D. Accrual of financial loses by chance
E. Althernative forgone in other to satisfy a want

Question 455:

• JAMB 1979

The quantity supplied of a commodity increases best when

A. Production increases
B. Demand increases
C. Price of the commodity increases
D. Population of the country increases
E. More commodities are imported