Jamb Economics 1989 Past Questions and Answers

Question 6:

• JAMB 1989

Efficiency in production involves?

A. Reducing the size of the workforce
B. Producing a given output with the lowest cost combination of factors of production
C. Adoption of capital-intensive technology
D. Increasing the quantity of the fixed factor of production

Question 7:

• JAMB 1989

if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?

A. (land, rent) (capital, wage), (labour, profit)
B. (land, interest) (capital,profit), (labour, wage),
C. (land, wage), (capital, interest), (labour,rent),
D. (land,rent), (capital, interest), (labour, wage),

Question 8:

• JAMB 1989

If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?

A. Large-scale production
B. Profit maximization
C. Economies of scale
D. Diseconomies of scale

Question 9:

• JAMB 1989

Given perfect competition in the capital market, the opportunity cost of capital is adequately reflected by the?

A. Interest rate
B. Returns on capital
C. Alternative capital foregone
D. Shadow price of foreign exchange

Question 10:

• JAMB 1989

If a 10k per kg, 1000kg of yam were purchased and at 5k per kg, 1,500kg were purchased, the resultant point elasticity of demand is?

A. 0.33
B. 0.0001
C. 1
D. 10,000