Jamb Economics Past Questions and Answers

Question 2041:

• 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 2042:

• 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 2043:

• JAMB 2011

The profit of a monopolist can be eliminated where price equals

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

Question 2044:

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment

Question 2045:

• JAMB 2012

A major disadvantage of a socialist economy is that

A. Corruption is rampant
B. Consumer's sovereignty is lost
C. Income inequality is entrenched
D. There is high level of unemployment