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Jamb Economics 2007 Past Questions and Answers

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Jamb 2007 Economics Past Questions

Question 36:


The table shows the wage distribution of workers.Calculate the mean wage

A. N7.40
B. N4.00
C. N10.00
D. N14.80


Question 37:


What is the median wage?

A. N8.00
B. N 5.00
C. N11.00
D. N6.50


Question 38:


The price per unit of a commodity to a buyer is the same as the

A. Normal profit of the seller
B. Average revenue of the seller
C. Marginal cost of the commodity
D. Marginal revenue of the seller


Question 39:


When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be

A. Zero
B. Greater than one
C. One
D. Between zero and infinity


Question 40:


A firm incurs short-run costs when

A. It cannot increase prices
B. Operation is at its later stages
C. Operation is at its early stages
D. Some inputs cannot be varied






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