Jamb Economics 1978 Past Questions and Answers

Question 46:

• JAMB 1978

In economics, production is complete when

A. Goods are produced in the factory
B. Goods are sold to the wholesalers
C. Goods and services are produced by the government
D. Prices are fixed for goods and services
E. Goods and services finally reach the consumer

Question 47:

• JAMB 1978

A rational consumer will adjust his spending pattern so that

A. He buys only the one item that gives him most total satisfaction
B. The marginal utility he gets from the last unit of item is the same
C. The marginal utility he gets from the last naira spent on each item is the same
D. The total utility he gets from each item is the same
E. The total amount of money he spends on each item is the same

Question 48:

• JAMB 1978

Bondholders are treated more favorably than shareholders because

A. They are not liable for the companies losses
B. They greater voice in the electing board of the directors
C. They control the management
D. They have a prior claim on the companies assets
E. None of the above

Question 49:

• JAMB 1978

In the diagram equilibrium price is:

A. P₂
B. P_o
C. P₁
D. Indeterminate
E. Between P_o and P₁ Diagram P.2

Question 50:

• JAMB 1978

The numerical measure of elasticity is

A. \(\frac{\text{%change in Q}}{\text{%change in P}}\)
B. \(\frac{\text{change in Q}}{\text{change in P}}\)
C. \(\frac{\text{%change in P}}{\text{%change in Q}}\)
D. \(\frac{\text{change in P plus change in Q}}{\text{change in P}}\)