Economics Past Questions For JAMB, WAEC, NECO & Post UTME, With Answers, And Explanations - Economics

Economics Questions

Question 701:

JAMB 1984

The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?

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A Excess supply
B Favouritism
C Bribery and corruption
D Bllack marketing
E Hoarding

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Question 702:

JAMB 1984

For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is

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A Equal to marginal cost
B Greater than marginal cost
C Greater than average total cost
D Equal to marginal revenue
E Equal to toal revenue

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Question 703:

JAMB 1984

A demand curve slopes downwards because of ?

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A An increase inthe money income of the consumer
B A decrease inthe money income of the consumer
C The substitution effect and the rise in real income of the consumer
D The rise in demand for the complementary goods
E The increase in the demand for factors and production

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Question 704:

JAMB 1984

An imperfectly competitive market is one where?

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A A large number of firms sell homogenous products
B Input and output prices are unaffected
C Each firm faces aa horizontal demand curve
D Each firm maximize profit by selecting an output level at
E Commodities are differentiated

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Question 705:

JAMB 1984

In taxation, the benefit principle requires that?

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A Everybody must draw benefit from taxation
B All those who earn more income must pay more taxes
C Only those who derive benefit from services provided from public revenue should be taxed
D Taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
E Everybody pays an equal amount

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