Jamb Economics 1991 Past Questions and Answers

Question 51:

• JAMB 1991

The excess profit made by the firm in the short-run is represented by

A. ORTZ
B. OPVY
C. ORTW
D. ORSX

Question 52:

• JAMB 1991

The long-run equilibrium price and quantity for the firm are respectively

A. OP,OY
B. OR,OZ
C. OR,OX
D. OQ,OZ

Question 53:

• JAMB 1991

The value of total output in the economy using the value added approach is

A. N57.00
B. 37.00
C. 20.00
D. 15.00

Question 54:

• JAMB 1991

In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when

A. \( \begin{matrix} P_ x = P _ y \\ MP _ x = MP _ y \end{matrix} \)
B. \(\begin{matrix} MP _ x = P _ x \\ MP _ y = P _ y \end{matrix}\)
C. P _x. MP _x = P _y. MP _y
D. P _x P _y = MP _x. MP _y