Economics 2007 Jamb Past Questions and Answers

Question 36 :

• JAMB 2007

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 :

• JAMB 2007

What is the median wage?

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

Question 38 :

• JAMB 2007

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 :

• JAMB 2007

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 :

• JAMB 2007

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