Jamb Economics Past Questions For Year 1991
Question 1
In combining inputs x and y, the entrepreneur obtains the maximum output from a given money outlay when
- A. \( \begin{matrix} P_ x = P _ y \\ MP _ x = MP _ y \end{matrix} \)
- B. \(\begin{matrix} MP _ x = P _ x \\ MP _ y = P _ y \end{matrix}\)
- C. P x. MP x = P y. MP y
- D. P x P y = MP x. MP y
Question 2
Which of the following statements must hold if price discrimination is to be possible?
- A. Elasticities in the various markets must not differ
- B. The seller must recognise the possibility of resale
- C. The market must not be separated but integrated
- D. The markets should be seperable and there should be no resale.
Question 3
The value of total output in the economy using the value added approach is
- A. N57.00
- B. 37.00
- C. 20.00
- D. 15.00
Question 4
The long-run equilibrium price and quantity for the firm are respectively
- A. OP,OY
- B. OR,OZ
- C. OR,OX
- D. OQ,OZ
Question 5
The excess profit made by the firm in the short run is represented by
- A. ORTZ
- B. OPVY
- C. ORTW
- D. ORSX
