Jamb Economics 2011 Past Questions and Answers

Question 11:

• JAMB 2011

Minimum price legislation by government will

A. Reduce supply
B. Increase supply
C. Reduce demand and create surplus
D. Increase demand and create scarcity

Question 12:

• JAMB 2011

Ranking is the method use in measuring

A. Marginal utility
B. Ordinal utility
C. Cardinal utility
D. Total utility

Question 13:

• JAMB 2011

If a firm is faced with an elastic supply curve, its revenue will

A. Be supplied at a higher price
B. Double at a higher price
C. Increase by more than the percentage increase in price
D. Equal percentage change in price

Question 14:

• JAMB 2011

A firm will experience diseconomies of scale when

A. There are difficulties in coordinating production
B. There is shortage in labour supply
C. The size of market is small
D. There is an increase in the price of raw materials

Question 15:

• JAMB 2011

The law of variable proportions is applicable only

A. In the long-run period
B. To large-scale enterprises
C. To small-scale enterprises
D. In the short-run period