Jamb Economics 1985 Past Questions and Answers

Question 46:

• JAMB 1985

When total revenue is at a maximum, marginal revenue is?

A. Constant
B. Negative
C. Zero
D. Positive
E. Maximum

Question 47:

• JAMB 1985

In the table, the marginal cost when output is two, units is

A. 16.00
B. 20.00
C. 36.00
D. 40.00
E. 48.00

Question 48:

• JAMB 1985

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

A. X = 20, Y = 6
B. X = 38, Y =9
C. X = 46, Y = 9
D. X = 46, Y = 14
E. X = 10, Y = 10

Question 49:

• JAMB 1985

The interdependence between households and business enterprises illustrated in the figure is known as

A. Market interaction
B. Cash flow
C. Circular flow of income
D. Supply and demand for goods and services
E. Household preference schedule

Question 50:

• JAMB 1985

Study the figure above. At paint H the price elasticity of supply is

A. Perfectly inelastic
B. Inelastic
C. Unit elastic
D. Perfectly elastic
E. Elastic