Jamb Economics Past Questions
Question 6
What form of market is found in an imperfect competition where there are few buyers and many sellers
- A. monopoly
- B. oligopoly
- C. duopoly
- D. oligopsony
Question 7
Which of the following is used by the central bank to control the rate of interest
- A. bill of exchange
- B. banker's order
- C. fixed deposit account
- D. open market operation
Question 8
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously
- A. total utility must fall
- B. marginal utility must fall
- C. marginal utility may rise
- D. marginal utility may fall even though his total utility may be rising
Question 9
In economic life, the choice among alternatives depends on the?
- A. income of the decision maker
- B. scarcity of resources
- C. the scale of preference of the decision-maker
- D. status of the decison maker
Question 10
Efficiency in production means?
- A. reducing the size of the work force
- B. producing a given output with the lowest cost of combination of factors of production
- C. adoption of capital intensive technology
- D. increasing the quantity of the fixed factors of production
