2007 JAMB UTME Economics Past Questions

2007

The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

2007

The range is used to

2007

The choice of what to produce in a command economy is determined by

2007

An economic system in which the producer and the consumer are the same is referred to as a

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The coefficient of the price elasticity of supplyis always

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A commodity is described as inferior when the

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The major determinant of cross elasticity of demand is the

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A firm operating at full capacity will have a

2007

When the demand for a good increases owing to an increase in income, it means that

2007

A persistent rise in the prices of inputs will lead to

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If the total fixed cost is the same regardless of output, the average fixed cost will be

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A characteristic of the linear production function is that

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The division of labour requires that the task to be performed

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The world market for crude oil refers to the

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One of the ways of correcting a deficit balance of payments is to

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The gains from international trade are shared on the basis of the

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In a developing economy, productivity is measured by the

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A continuous increase in national income accompanied by the structural transformation of all indices is called

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The monetization policy is an offshoot of

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A country would develop its agricultural sector first so as to

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