Jamb Economics 1995 Past Questions and Answers

Question 46:

• JAMB 1995

In the circular flow of income above, the direction of flow of payments for consumption purchases is shown by the arrow

A. K
B. L
C. M
D. N

Question 47:

• JAMB 1995

In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

A. 23 and 20
B. 22 and 19
C. 14 and 19
D. 11 and 20

Question 48:

• JAMB 1995

In the diagram above, the total revenue of the monopolist is given by the area

A. OQ₁MP₂
B. P₄MTP₁
C. OQ₁ TP₁
D. OQ₂SP₂

Question 49:

• JAMB 1995

The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

A. P₁EHP_o
B. P_oHQ_o0
C. P₁EQ_o0O
D. P₁ED₁P_o

Question 50:

• JAMB 1995

The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand.The tax imposed is borne

A. Totally by the consumer
B. Totally by the producer
C. Equally by both the consumer and the producer
D. By the the government