Jamb Economics 1999 Past Questions and Answers

Question 11:

• JAMB 1999

The main function of price in the economic system is to?

A. Allocate scarce resources among competing uses
B. Ensure equitable distribution of income and wealth
C. Determine the demand for and the supply of goods and services
D. Remove all the constraints on production of goods and services

Question 12:

• JAMB 1999

One of the characteristics of an imperfect market is the?

A. Large number of buyers and sellers in the market
B. Awareness of market conditions by buyers
C. Availability of substitutes
D. Heterogenetity of products

Question 13:

• JAMB 1999

A characteristic of the average fixed cost is that, it?

A. Rises and falls faster than the marginal cost
B. Is U-shaped and intersects the price axis
C. Is always higher than the average variable cost
D. Falls continuously but is never equal to zero

Question 14:

• JAMB 1999

In a perfect competition, every firm is a price?

A. Maker
B. Taker
C. Giver
D. Bidder

Question 15:

• JAMB 1999

Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?

A. N 60
B. N 45
C. N 35
D. N 30