Jamb Economics Past Questions and Answers

Question 1831:

• 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 1832:

• JAMB 2007

What is the median wage?

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

Question 1833:

• 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 1834:

• 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 1835:

• 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