Jamb Economics 2011 Past Questions and Answers

Question 46:

• JAMB 2011

The median of an odd-numbered set of scores is the

A. Middle value in the set
B. Highest value in the set
C. Arithmetic means of the set
D. Most frequent occuring score

Question 47:

• JAMB 2011

The optimal range of output for a perfectly competitive firm is

A. AC is lowest
B. AVC is lowest
C. MC is rising
D. MC is falling

Question 48:

• JAMB 2011

If real income increases while nominal income remains the same, it can be inferred that

A. Unemployment rate has decreased
B. General prices has fallen
C. Employment rate has risen
D. General prices have risen

Question 49:

• JAMB 2011

The profit of a monopolist can be eliminated where price equals

A. AFC
B. MC
C. AC
D. AVC