Question 476:

• JAMB 1979

Which is the most liquid of the following financial assets held by an individual?

A. Outstanding balance on the current account of a commercial bank
B. A credit balance on a savings account
C. A crossed postal order
D. An insurance policy
E. All of the above

Question 477:

• JAMB 1979

The price mechanism

A. Regulates supply and demand
B. Rations the consumers
C. Rewards the producers
D. Allocates scarce resources
E. Does all of the above

Question 478:

• JAMB 1979

When marginal cost equals marginal revenue of products

A. The firms is producing at a loss
B. The firm is at a break-even point
C. The firm is making the least profit
D. The supplementary cost of the firm is highest
E. The firm has maximum profit

Question 479:

• JAMB 1979

Disposable income equals

A. Personal income less business profits
B. Personal inome minus taxes and subsidies
C. National income less borrowing from abroad
D. National income plus transfer of payments
E. Personal income less taxes plus subsidies

Question 480:

• JAMB 1979

What do we call a market where there is large number of buyers and sellers, such that no one has an appreciable influence over prices?

A. Free market
B. Perfectly competitive market
C. Controllled market
D. Stock exchange market
E. Open market