Jamb Economics 1990 Past Questions and Answers

Question 16:

• JAMB 1990

Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?

A. Cost of production is at a medium
B. The plant is of optimum size
C. Price is above marginal revenue
D. Average variable cost is at a minimum

Question 17:

• JAMB 1990

Which of the following is the major function of the wholesaler?

A. Bulk breaking
B. Provision of useful information to th manufacturer on products
C. Provision of after-sales services to consumers
D. Provision of warehouse facility

Question 18:

• JAMB 1990

In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ?

A. Quantity discounts allowed final consumer
B. Reward for business enterpreneurship
C. Effectiveness of government control over the economy's marketing channels
D. Extent of exploitation of the final consumer

Question 19:

• JAMB 1990

Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain?

A. To provide the quantity needed by retailers
B. To collect useful information on his product
C. To provide warehousing facilities
D. To violate government regulation on distribution

Question 20:

• JAMB 1990

A major difference between a state-owned enterprise and a private enterprise is that the former?

A. Is not expected to cover its costs of production while the latter is
B. Is not always expected to maximize profits while the latter is
C. Has shareholders while the latter does not
D. Has a board of directors while the latter does not