Jamb Economics 1991 Past Questions and Answers

Question 16:

• JAMB 1991

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?

A. Monopolist charges a lower price than the perfect competitior
B. Perfect competitior charges a lower price and produces a large output than the monopolist
C. Perfect competitior produces a smaller output than the monopolist
D. Monopolist charges a lower price and produces a larger output than the perfect competitor

Question 17:

• JAMB 1991

In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

A. Marginal cost is minimum
B. Average cost is minimum
C. Total cost is minimum
D. Marginal cost revenue is maximum

Question 18:

• JAMB 1991

The ordinary partner in a partnership?

A. Takes no active in the management of the business
B. Has limited liability in case of business failure
C. Has unlimited liability in case of business failure
D. Cannot be sued personally on matters relating to the business

Question 19:

• JAMB 1991

A possible factor which limits the extent of growth of a firm is the?

A. Existence of a monoploy
B. Bureaucratic delays in decision-making
C. Use of by-products
D. Unwillingness to share ownership and control

Question 20:

• JAMB 1991

One of the most outstanding disadvantages of co-operative societies as business organization is that?

A. True spirit of co-operation is marred by delegated authority
B. Members show much interest
C. It is poorly financed
D. Membership interest is centred on sharing of essential commodities