Economics 2008 Jamb Examination
Economics 2008 Jamb Examination
Question 31
The theoretical relationship between money supply and prices is weakened by changes in the
Fluctuations in the general price level complicate the direct link between money supply and prices, weakening the theoretical relationship.
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Question 32
The high rate of inflation in Nigeria can be attributed to
Rising production costs drive prices up, making increasing cost of production a major contributor to inflation in Nigeria.
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Question 33
If the required reserves of a bank is 20% and N10,000 is paid into its demand deposit account, what is the excess reserves?
20% of N10,000 is N2,000 reserved. The excess reserve is N10,000 - N2,000 = N8,000.
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Question 34
To protect farmers during a bumper harvest, the government usually
Setting a minimum price prevents farm produce from being sold too cheaply during bumper harvests, safeguarding farmers’ income.
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Question 35
The use of modern weaving machines in the production of local fabric will result in
Automation reduces the need for manual labour, leading to a decrease in labour demand.
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Question 36
In a perfectly competitive condition, a firm uses 10 units of labour at N25 and 11 units at N36, what is the marginal cost of labour?
The marginal cost is the additional cost: N36 - N25 = N11 per extra unit. Spread over 0.075 units of output, this corresponds to N146.
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Question 37
The characteristic of entry and exit ensures that firms
In perfect competition, free entry and exit drive firms toward earning only normal profit in the long run.
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Question 38
Which of the following producer is closest to being a monopolist?
Automobile production involves high barriers to entry and large-scale operations, making an automobile plant closer to monopoly.
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Question 39
If the demand elasticity coefficient of cars is 0.5, it implies that the demand for petrol is
An elasticity coefficient less than 1 indicates inelastic demand, meaning quantity demanded changes less than price changes.
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Question 40
As long as marginal utility is positive, total utility must be
Total utility increases as long as marginal utility is positive, even if at a diminishing rate.
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