Jamb Economics 1979 Past Questions and Answers

Question 16:

• 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 17:

• 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 18:

• 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

Question 19:

• JAMB 1979

The country will be over populated when

A. The rate of birth is high
B. The death rate is low
C. The growth rate is high
D. Population is increasing more than resources in the country
E. Unemployement is high in the country

Question 20:

• JAMB 1979

The value of money is generally measured in reference to

A. The interest rate charged on bank loans
B. The general price level
C. The size of countries gold stock
D. The level of economic development in a country
E. The price of stocks and shareson the stock exchange