Jamb Economics Past Questions For Year 1988
Question 16
Which of the following changes in equilibrium price and quantity is as a result of an upward shift in the market demand for a commodity?
- A. Both the price and the quantity fall
- B. The price rise and the quantity falls
- C. The price falls and the quantity rises
- D. Both the price and the quantity rise
Question 17
If goods were free, a rational consumer would consume?
- A. an infinite amount of each good
- B. the amount where marginal utility became zero
- C. the same amount as when each good had a price
- D. the amount where marginal utility was the highest
Question 18
A commodity is said to have a derived demand when the commodity
- A. and another have joint demand
- B. is demanded because of what it can help to produce
- C. is demanded for different purposes
- D. has inelastic demand
Question 19
The output at which total revenue equals total cost is known as?
- A. profit-maximizing output
- B. break even level output
- C. loss-minizing output
- D. least-cost output
Question 20
In the short run, the monopolistic competitors?
- A. always makes profit
- B. always incurs a loss
- C. always breaks -even
- D. may close down
