Jamb Economics 1985 Past Questions and Answers

Question 11:

• JAMB 1985

In market economies, resources are allocated through the?

A. Government authorities
B. Price system
C. Banking system
D. Central planning bureau
E. Revenue allocation formula

Question 12:

• JAMB 1985

At every point on a indifference curve, the

A. Total utility is decreasing
B. Prices of all goods are constant
C. Consumer is satiated
D. Level of utility is constant
E. Level of utility is increasing

Question 13:

• JAMB 1985

Under perfect competition, the long-run equilibrium requires?

A. MR = MC
B. MR = AC = AR
C. MR > MC
D. MR = MC = AR = AC
E. AR = AC

Question 14:

• JAMB 1985

If monopoly is attempting to maximize profit which of the following should it attempt to do?

A. Select that output at which ATC is at minimum
B. Set price equal to TC
C. Maximize profit per unit
D. Maximize revenue
E. Equate marginal cost to marginal revnue

Question 15:

• JAMB 1985

The amount of labour a producer hires relative to labour factor inputs depends on the?

A. Price of labour or it wage
B. Price of labour, machinery and other inputs
C. Price of machinery
D. Price of the other inputs
E. Type of machinery