Jamb Economics Past Questions For Year 1988
Question 6
The average product of labour in a given period is obtained by dividing the?
- A. number of workers by the total product
- B. total product by the number of hours actually worked
- C. change in total product by the change in the number of workers
- D. total product by the number of workers
Question 7
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
- A. thrift
- B. value
- C. abundance
- D. scarcity
Question 8
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
- A. rational
- B. consistent
- C. inconsistent
- D. transitive
Question 9
Economic is often described as a science because?
- A. laboratory experiments are performed
- B. it makes use of controlled experiments
- C. it uses scientific methods to explain observed phenomena and predict future events
- D. it makes use of field work
Question 10
Total fixed cost measures the cost of?
- A. all plant and machinery
- B. all assets where quantity cannot be varied in the short run
- C. all assets upon which the firm has control
- D. prooerty owned by the firm
