Jamb Economics 2004 Past Questions and Answers

Question 41:

• JAMB 2004

If an increase in the price of good X leads to an increase in the supply of good Y, X and Y are said to be

A. Jointly supplied
B. Competitive
C. Composite
D. Jointly demanded

Question 42:

• JAMB 2004

A necessary condition for specialization in an economy is the existence of

A. A regulated market
B. A competitive market
C. A medium of exchange
D. Adequate capital

Question 43:

• JAMB 2004

A firm operating at full capacity will experience rising short-run total costs when

A. Prices of its variable inputs rise
B. Prices of its variable inputs fall
C. There is a change in management
D. Labour productivity increases

Question 44:

• JAMB 2004

In a textile factory, the cost of cotton used is a typical example of

A. An average cost
B. A variable cost
C. A fixed cost
D. A total cost

Question 45:

• JAMB 2004

A black market can occur when

A. Supply is in excess of demand
B. Consumption of the commodity is restricted
C. Prices are set by government above the equilibrum
D. Prices are set by government below the equilibrium