Jamb Economics 1984 Past Questions and Answers

Question 11:

• JAMB 1984

The population level that yields the maximum output when combined with available resources is known as

A. Dependent population
B. Maximum population
C. Active population
D. Productive population
E. Optimum population

Question 12:

• JAMB 1984

If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?

A. Percentage change in the quantity of X divded by the percentage change in the price of Y
B. Percentage change in the quantity of X divided by change in the price of Y
C. Change in the quantity of X divided by change in the price of Y
D. Percentage change in the quantity of X divided by the price Y
E. Percentage change in the price of X divided by percentage change in the quantity of Y

Question 13:

• JAMB 1984

For two substitution goods, the cross elastic of demand is?

A. Greater than one but less than two
B. Zero
C. Negative
D. Positive
E. Infinity

Question 14:

• JAMB 1984

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

A. Excess supply
B. Favouritism
C. Bribery and corruption
D. Bllack marketing
E. Hoarding

Question 15:

• JAMB 1984

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

A. Equal to marginal cost
B. Greater than marginal cost
C. Greater than average total cost
D. Equal to marginal revenue
E. Equal to toal revenue