Jamb Economics 1981 Past Questions and Answers

Question 41:

• JAMB 1981

From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are

A. 15k, 13,000
B. 20k, 17,500
C. 13k, 20,000
D. 18k, 18,000
E. 18k, 15,000

Question 42:

• JAMB 1981

In this diagram, So So is the original supply curve while S₁ S₁ represent?

A. A movement along a give supply curve
B. An increase in supply
C. Decrease in supply
D. A perfect elastic supply curve
E. An abnormal supply curve

Question 43:

• JAMB 1981

From the above, the Growth Rate of Total National Output or GDP is

A. 6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B. 20.0%, i.e. (2 + 5 + 10 +3)%
C. 2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D. 5.0%, i.e,(2 +5 + 10 + 3)/ 4%
E. Not obtainable

Question 44:

• JAMB 1981

Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that

A. Country I has absolute disadvantage in the production of both cocoa and cloth
B. Country I has absolute advantage in the prodcttion of both cocoa and cloth
C. Country ll has absolute advantage in the production of both cocoa and cloth
D. Country ll has a comparative advantage in the production of cocoa
E. Country ll should leave the production of both cocoa and cloth to country l.

Question 45:

• JAMB 1981

Which of the following statements does NOT describe a situation of perfect competition?

A. The firm faces an infinitely elastic demand curve
B. The firm makes no pure profit in the short run
C. The price does not change with changes in the output level of the firm
D. There is freedom of entry into and exit out of , the industry
E. The firm can sell all it produces at the market price