Jamb Economics Past Questions For Year 1987
Question 1
Average fixed cost is
- A. Average total cost less the sum of average variable cost
- B. Half the sum of all costs
- C. Total fixed cost divided by the level of output
- D. Total fixed cost plus marginal cost
Question 2
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. What is market demand for the commodity when price is N5?
- A. 65 units
- B. 40 units
- C. 30 units
- D. 20 units
Question 3
Use the following information above to answer this question. X, Y and Z are the only three consumers of a commodity. Their respective demand schedules for the commodity are as given above. The market demand curve for the commodity cuts the quantity axis when quantity is
- A. 75 units
- B. 35 units
- C. 7 units
- D. not determinable from the schedules except when graphed
Question 4
In the diagram, above Ps is the supply curve for a particular commodity, while OP is the price which of the following statements is correct?
- A. the quantity supplied is infinitely elastic
- B. when price is zero, the quantity supplied infinite
- C. when price is infinite, the quantity supplied zero
- D. the quantity supplied is definite
Question 5
In which of the diagrams above, is the consumer surplus correctly shaded?
- A. I
- B. II
- C. III
- D. IV
