Jamb Economics 1983 Past Questions and Answers

Question 11:

• JAMB 1983

Marginal cost curve intersects average cost curve ?

A. From above at its lowest point
B. From below before the lowest point
C. From below at its lowest point
D. From below after the lowest point
E. At zero point

Question 12:

• JAMB 1983

Palm oil industry is located in Bendel State because the State?

A. Imports raw material for palm oil Industry
B. Is a palm tree growing area
C. Soil is unsuitable for other crops
D. Government does engage land for other crops
E. Land is suitable for oil

Question 13:

• JAMB 1983

The meaning of ‘wage-price spiral’ is?

A. Demand pull and cost push inflation pulling each other in different director
B. Demand pull and cost push inflation intensifying each other
C. Both of them bringing about a reduction in the price level
D. That demand pull and cost push inflation increases employment
E. That wages and prices are rising at a proportional rate

Question 14:

• JAMB 1983

In an inflationary period which of the following statements is NOT true?

A. Wages rise simultaneously with prices
B. The purchasing power of money diminishes
C. More money runs after a limited quantity of goods
D. Money supply increases
E. Aggregate real demand exceeds aggregate real supply

Question 15:

• JAMB 1983

Retailers in an economy perform the function of

A. Production
B. Exchange
C. Distribution
D. Horading
E. Investment