Jamb Economics 1997 Past Questions and Answers

Question 46:

• JAMB 1997

An important feature of a cartel is that?

A. Members do not reduce price below the cartel price
B. Each member has a fixed output above which it is not expected to produce
C. A powerful member fixes the price at which others will sell
D. Membes fix the prices for their products

Question 47:

• JAMB 1997

The current stage of the economy is depicted in curve 1. Point P suggests that the economy is

A. Reaching full employment but not full prodduction
B. Attaining full production but not full employment
C. Under capitalized
D. Attaining both full employment and full production

Question 48:

• JAMB 1997

The movement of curve I to ll suggests

A. An improvement in capital goods technology but not in consumer goods technology
B. A movement from unemployment to full employment
C. That the output for the society has declined
D. A gain in consumer goods technique and not in capital goods technique

Question 49:

• JAMB 1997

From the diagram above, the quantity of output is determined by the point

A. M
B. N
C. H
D. F

Question 50:

• JAMB 1997

In the diagram below, the curve which represents firm's short-run average variable cost is curve

A. L
B. Ll
C. Lll
D. IV