Jamb Economics 1992 Past Questions and Answers

Question 46:

• JAMB 1992

Calculate the marginal physical product of the last unit of input

A. O
B. 2
C. 4
D. 10

Question 47:

• JAMB 1992

At what level of input has diminishing marginal returns set in?

A. 3
B. 16
C. 20
D. 22

Question 48:

• JAMB 1992

\(\begin{array}{c|c}
\text{Age group(years)} & \text{Distribution(%)} \\ \hline
\text{Above 60} & 30 \\
\hline
15 - 60 & 45 \\
\hline
0 - 14 & 25 \\
\end{array}\)
The estimated dependency ratio of the population distribution shown here is

A. 11:9
B. 9:11
C. 7:3
D. 3:7

Question 49:

• JAMB 1992

\(\begin{array}{c|c}
\text{Population(Million)} & \text{Food Production(Milion tonnes)} \\
50 & 220 \\
70 & 210 \\
90 & 225 \\
100 & 275 \\
\end{array}\)
In the data above, what is the optimum population in million?

A. 50
B. 70
C. 90
D. 100

Question 50:

• JAMB 1992

\(\begin{array}{c|c}
\text{Quantity of singlets} & \text{Short run total costs(N)} \\
0 & 1,000 \\
10 & 1,200 \\
20 & 1,400 \\
30 & 1,600 \\
40 & 1,800 \\
\end{array}\)
The short run total costs for different levels of output for a firm producing singlets are shown above. Calculate the variable cost per unit at an output of 20.

A. N1000
B. N400
C. N70
D. N20