Economics 2009 Jamb Examination
Economics 2009 Jamb Examination
Question 31
In developing countries, it is easier to obtain accurate national income estimates through the
GDP focuses on the total output within the domestic economy, which is easier to estimate accurately in developing countries compared to GNP or NNP.
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Question 32
In the long run, one of the characteristics of monopolistic competitive firms is that they
In monopolistic competition, free entry and exit of firms ensure that only normal profits are made in the long run.
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Question 33
Double counting is a problem in computing national income when using the
In the output method, if intermediate goods are included alongside final goods, it leads to double counting of production.
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Question 34
In a regulated market, price is determined by
In regulated markets, the government fixes or regulates prices to ensure fairness and stability.
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Question 35
Production takes place when
Production means the process of transforming inputs such as labour and capital into output in the form of goods and services.
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Question 36
Which of the following can be deduced from the law of variable proportions when total output is rising?
When total product is rising, marginal product (MP) must be greater than average product (AP).
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Question 37
As the level of output increases, the average fixed cost of a firm will
Average fixed cost (AFC) declines continuously as output expands, since total fixed cost is spread over more units.
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Question 38
The shape of the long-run average cost curve is best explained by the
The long-run average cost (LRAC) curve is U-shaped due to the law of returns to scale.
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Question 39
A major assumption in cardinal utility theory is that
Cardinal utility theory assumes that utility can be measured in exact units (utils).
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Question 40
A supply curve is positively sloped because
A higher price encourages producers to supply more since price serves as an incentive to producers, hence the positive slope of the supply curve.
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| Balance Sheet (Extract) | Â | |
|---|---|---|
|  | ₦ | ₦ |
| Capital | 40 000 | Building |
| Net profit | 12 000 | Equipment |
| Â | 52 000 | Stock |
| Creditors | 8 000 | Debtors |
| Wages owed | 4 000 | Cash |
| Rent owed | 3 000 | Â |
| Â | 67 000 | Â |
A contract in which all parties to the contract have carried out their obligation is said to be terminated by
This question is based on selected poems from Johnson, R. et al (eds.): New Poetry from Africa; Soyinka, W. (ed.): Poems of Black Africa; Senanu, K.E. and Vincent, T. (eds.): A Selection of African Poetry; Maduka, C.T. et al: Exam Focus: Literature in English; Eruvbetine, A.E. et al (eds.): Longman Examination Guides; Nwoga, D.I. (ed.): West African Verse; Adeoti, G.: Naked Soles.
Launko's End of War suggests that war brings about