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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

Which of the following is applicable to a monopolistic firm operating at the output where marginal cost equals marginal revenue?

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A Cost of production is at a medium
B The plant is of optimum size
C Price is above marginal revenue
D Average variable cost is at a minimum

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Question 17:

Which of the following is the major function of the wholesaler?

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A Bulk breaking
B Provision of useful information to th manufacturer on products
C Provision of after-sales services to consumers
D Provision of warehouse facility

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Question 18:

In the distribution channels for goods and services, the middleman's mark-up margin provides a rough measure for the ?

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A Quantity discounts allowed final consumer
B Reward for business enterpreneurship
C Effectiveness of government control over the economy's marketing channels
D Extent of exploitation of the final consumer

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Question 19:

Which of the following reasons could induce a manufacturer to bypass the wholesaler in the distribution chain?

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A To provide the quantity needed by retailers
B To collect useful information on his product
C To provide warehousing facilities
D To violate government regulation on distribution

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Question 20:

A major difference between a state-owned enterprise and a private enterprise is that the former?

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A Is not expected to cover its costs of production while the latter is
B Is not always expected to maximize profits while the latter is
C Has shareholders while the latter does not
D Has a board of directors while the latter does not

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