Jamb Economics 2007 Past Questions and Answers

Question 11:

• JAMB 2007

The division of labour requires that the task to be performed

A. Must be done in stages
B. Requires no special knowledge
C. Is simple but strenuous
D. Must be undertaken by experts

Question 12:

• JAMB 2007

A characteristic of the linear production function is that

A. The percentage change in inputs change exceeds output
B. Output and all inputs change by the same percentage
C. The percentage change in output is greater than one
D. The percentage change in output is less than one

Question 13:

• JAMB 2007

If the total fixed cost is the same regardless of output, the average fixed cost will be

A. Increasing
B. Maximum
C. Minimum
D. Decreasing

Question 14:

• JAMB 2007

A persistent rise in the prices of inputs will lead to

A. Hyperinflation
B. Stagflation
C. Cost-push inflation
D. Demand-pull inflation

Question 15:

• JAMB 2007

The monetization policy is an offshoot of

A. NEEDS
B. SAP
C. PAYE
D. MDGs