Jamb Economics 1985 Past Questions and Answers

Question 41:

• JAMB 1985

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

A. Demand for his product is completely elastic
B. Supply of his goods is more elastic than the demand
C. Demand for his product is more elastic than the supply
D. Production of his commodities is subject to diminishing returns
E. Production of his commodities is subject to increase returns to scale

Question 42:

• JAMB 1985

Which of the following is NOT a part of the fixed costs of a limited liability company?

A. Interest on loans
B. Rent on buildings
C. Depreciation reserves
D. Management expenditure
E. Wages

Question 43:

• JAMB 1985

The act of combining factor inputs in order to obtain specific output is known as

A. Factor procurement
B. Manufacturing
C. Investment
D. Industrialization
E. Production

Question 44:

• JAMB 1985

Disguised unemployment

A. Exist when manpower is not being utilized efficiently
B. Calls for the implementation of five plans
C. Can be eliminated if the press is free
D. Can be eliminated if the capital output ratio is increased
E. Is a statistical artifact with no economic meaning

Question 45:

• JAMB 1985

The unemployment associated with a recession is called?

A. Voluntary
B. Frictonal
C. Cyclical
D. Structural
E. Maximum