JAMB Economics Past Questions & Answers - Page 289

1,442.

The major determinant of the total volume of output in an economy is the

A.

Level of wholesale prices

B.

Size of the labour force

C.

Level of total expenditure

D.

Composition of consumer spending

Correct answer is C

No explanation has been provided for this answer.

1,443.

In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to

A.

Slightly increase the price of his product

B.

Slightly reduce the price of his products

C.

Leaves his price unchanged

D.

Discriminate his prices

Correct answer is B

No explanation has been provided for this answer.

1,444.

Privatization of government-owned companies means the

A.

Relinquishing of government equility participation to private individuals

B.

Recapitalization of distressed government-owned companies

C.

Joint paticipation of government and private individuals

D.

Commercialization and deregulation of the economy

Correct answer is A

No explanation has been provided for this answer.

1,445.

In a free market economy, available resources are more efficiently allocated by complete reliance on

A.

Development planning

B.

Strategic planning

C.

Capital budgeting

D.

Price system

Correct answer is D

No explanation has been provided for this answer.