Jamb Economics 1983 Past Questions and Answers

Question 46:

• JAMB 1983

Nigeria is currently implementing the?

A. Third development plan
B. Second development plan
C. Fourth development plan
D. Fifth development plan

Question 47:

• JAMB 1983

What is the market equilibrium price?

A. 5.00
B. 8.00
C. 9.00
D. 7.00
E. 6.00

Question 48:

• JAMB 1983

In the diagram P₁ S is a supply curve for a manufactured. it is shows that

A. When price is OP₁ quantity supplied is infinitely elastic
B. The higher the price the greater the quantity supplied
C. The higher the price the lower the quantity supplied
D. When price is zero quantity supplied becomes infinite
E. When price is infinite quantity supplied becomes zero

Question 49:

• JAMB 1983

In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?

A. Curve I
B. Curve ll
C. Curve lll
D. Curve lV
E. Curves l and lll

Question 50:

• JAMB 1983

The curves D_o D_o and S_oS_o are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?

A. The supply curve will shift from S_oS_o to S₂S₂
B. The supply curve will shift from S_oS_o to S₁S₁
C. The supply curve will shift fromS ₂S₂ to S₁S₁
D. The supply curve will shift from S₁S₁ to S_oS_o
E. The demand curve will shift from D_oD_o to D₁D₁