Jamb Economics 2008 Past Questions and Answers

Question 16:

• JAMB 2008

In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?

A. N396
B. N323
C. N250
D. N146

Question 17:

• JAMB 2008

The characteristic of entry and exit ensures that firms

A. Earn excess profit
B. Earn normal profit
C. Break-even
D. Expand their operations

Question 18:

• JAMB 2008

Which of the following producer is closest to being a monopolist?

A. A baker
B. A wheat farmer
C. A large chain store
D. An automobile plant

Question 19:

• JAMB 2008

The output approach to measuring national income is based on the computation of

A. Final output
B. Factor cost
C. Value added
D. Profits earned

Question 20:

• JAMB 2008

An example of injection into the circular flow of income is

A. Taxes
B. Pensions
C. Imports
D. Exports