Economics 2004 Jamb Past Questions and Answers

Question 36 :

• JAMB 2004

In any set of data, median represents the

A. Value that is most representative of the data
B. Mid-position when the values are arranged in ascending or descending order
C. Mid-position when the values are arranged randomly
D. Difference between the highest and the lowest values when arranged in ascending order

Question 37 :

• JAMB 2004

One of the assumptions of ordinal utility in consumer behaviour is that

A. Consumers are irrational
B. Marginal utility rises continuously
C. Utility is measurable
D. Utility can only be ranked

Question 38 :

• JAMB 2004

A large standard deviation is an indication of

A. The size of the sample
B. A wide spread around the mean
C. A wide difference between the mean and the mode
D. The difference between the highest and the lowest values

Question 39 :

• JAMB 2004

A major characteristic of a mixed economy is that

A. Economic decisions are made by both the rich and the poor
B. Both primary and secondary production are undertaken
C. The federal and the state governments undertaken joint projects
D. Economic activities are undertaken by both the public and private sectors

Question 40 :

• JAMB 2004

Given the cost function C = 160 + 36Q, what is the average cost at 20 units of output?

A. N720.00
B. N216.00
C. N44.00
D. N880.00