Jamb Economics 1994 Past Questions and Answers

Question 46:

• JAMB 1994

If the economy of the country is operating at X, the implication is that

A. The productive capacity is being fully utilized
B. The productive capacity is not being fully utilized
C. Too little of consumer goods is being produced
D. There is a disequilibrium between the production of capital and consumer goods

Question 47:

• JAMB 1994

What is the equilibrium quantity?

A. 50
B. 250
C. 350
D. 450

Question 48:

• JAMB 1994

Above the equilibrium point, a further rise in price tends to

A. Increase demand and restrict supply
B. Restrict demand and decrease supply
C. Increase demand and decrease supply
D. Decrease demand and increase supply

Question 49:

• JAMB 1994

Elasticity of demand is an effective tool in the hand of a producer in that it enables him

A. Rise his profits and lower his, costs
B. Discourage buyers from cheating
C. Determine what he will produce
D. Set his price to maximize his profit

Question 50:

• JAMB 1994

\(\begin{array}{c|c}
\text{Price N} & \text{Quantity sold} \\
5 & 15 \\
5 & 16 \\
5 & 17 \\
5 & 18 \\
\end{array}\)
Marginal revenue is

A. N5
B. N6
C. N8
D. N10