Economics 1982 Jamb Past Questions and Answers

Question 36 :

• JAMB 1982

The most dominant economic activity which employs the largest number of people in West Africa is?

A. Manufacturing
B. Transport
C. Government
D. Agriculture
E. The petroleum industry

Question 37 :

• JAMB 1982

Public enterprises are supported on the grounds that they are undertaken for

A. Increasing profit of the private sector
B. Reducing the burden of the private sector
C. Improving the welfare of the people
D. Earning profit for the people
E. Earning profit for the government

Question 38 :

• JAMB 1982

\(\begin{array}{c|c}
\text{Unit of output} & \text{Table cost}\\
\hline
1 & 20 \\
2 & 32 \\
3 & 42 \\
4 & 48 \\
5 & 50 \\
\end{array}\)
in the above table, the marginal cost of the 3rd unit of output is

A. 12
B. 6
C. 10
D. 2
E. 9

Question 39 :

• JAMB 1982

Full equilibrium under perfect competition requires that?

A. MC =MR and AC =AR
B. MC = MR but AR>AC
C. MR =MC =AR=AC
D. TR>TC
E. MR=MC

Question 40 :

• JAMB 1982

Oligopoly means

A. Large number of sellers in the markets
B. Single seller in the market
C. Few sellers in the markets
D. Few buyers in the market
E. Single buyer in the market