Jamb Economics 1979 Past Questions and Answers

Question 41:

• 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 42:

• 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 43:

• 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

Question 44:

• JAMB 1979

A typical corporate form of business organization is owned by

A. President of a country
B. Shareholders
C. The general manager and the executives
D. A local government
E. Foreigners and citizens of the country

Question 45:

• JAMB 1979

The burden of tax on a commodity whose demand is infinitely inelastic

A. Is zero
B. Will be borne by the seller alone
C. Will be borne by the buyer alone
D. Will be borne by both buyer and seller
E. Is impossible to tell who bears it