Jamb Economics Past Questions For Year 1985
Question 1
Study the figure above. At paint H the price elasticity of supply is
- A. Perfectly inelastic
- B. Inelastic
- C. Unit elastic
- D. Perfectly elastic
- E. Elastic
Question 2
The interdependence between households and business enterprises illustrated in the figure is known as
- A. Market interaction
- B. Cash flow
- C. Circular flow of income
- D. Supply and demand for goods and services
- E. Household preference schedule
Question 3
In the figure above, The broken line labelled M is the marginal revenue curve of a
- A. Monopoly
- B. Competitive firm
- C. State corporation
- D. Partnership
- E. Monophony
Question 4
The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?
- A. X = 20, Y = 6
- B. X = 38, Y =9
- C. X = 46, Y = 9
- D. X = 46, Y = 14
- E. X = 10, Y = 10
Question 5
In the table, the marginal cost when output is two, units is
- A. 16.00
- B. 20.00
- C. 36.00
- D. 40.00
- E. 48.00
