Jamb Economics Past Questions For Year 1990
Question 6
The flow labelled Y refers to
- A. real income
- B. factor payment
- C. factor input
- D. national income
Question 7
Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above
- A. A
- B. B
- C. C
- D. D
Question 8
A firm achieves least-cost in production by substituting factors until?
- A. their prices are equal
- B. the ratio of their marginal -physical-products equals the ratio of their prices
- C. their marginal -physical-products are each equal to their factor prices
- D. their marginal -physical-products are each equal to zero
Question 9
Which of following rewards is associated with entrepreneurship as a factor of production?
- A. Salaries
- B. Profit
- C. Interests
- D. Rents
Question 10
One of the major advantages of specialization is that?
- A. the worker becomes a tenderer of machines
- B. it causes more employment of labour
- C. less machinery is required for production
- D. the worker wastes less time between operations
