Jamb Economics Past Questions For Year 2005
Question 1
| Output(kg) | 240 | 450 | 580 | 630 |
| MR(N) | 75 | 48 | -40 | -22 |
| MC(N) | 41 | 48 | 77 | 20 |
Given the table above, what is the firm's short-run profit maximizing output?
- A. 450kg
- B. 630kg
- C. 240kg
- D. 580kg
Question 2
The savings deposit in a commercial bank is called
- A. Capital
- B. Fund
- C. Near money
- D. Money
- E. Call money
Question 3
A profit-maximizing monopolist should produce within the range where his demand is
- A. Inelastic
- B. Elastic
- C. Infinitely elastic
- D. Unitary elastic
Question 4
Applying the law of comparative costs, how many units of groundnuts will Nigeria produce?
- A. 7000 units
- B. 16000 units
- C. 9000 units
- D. 8000 units
