Economics Past Questions and Answers

In this table, the marginal product of the 2nd worker and the average product of the 5th worker respectively are

A 23 and 20
B 22 and 19
C 14 and 19
D 11 and 20

Question 1292:

In the diagram above, the total revenue of the monopolist is given by the area

A OQ₁MP₂
B P₄MTP₁
C OQ₁ TP₁
D OQ₂SP₂

Question 1293:

The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand. The total tax revenue is represented by

A P₁EHP_o
B P_oHQ_o0
C P₁EQ_o0O
D P₁ED₁P_o

Question 1294:

The diagram above explains the effect of government's imposition of an indirect tax on a good characterized by zero price elasticity of demand.The tax imposed is borne

A Totally by the consumer
B Totally by the producer
C Equally by both the consumer and the producer
D By the the government

Question 1295:

JAMB 1997

With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?

A Total utility derived from each goods and services is increasing at an increasing rate
B Marginal utility derived from each good or service is increasing at the same rate
C Marginal utility derived per naira spent is the same for all the goods and services
D Total utility derived from all the goods and services is large