Practice JUPEB ECONOMICS – MSS – J133 Past Questions Essay and Objectives

31.The type of price elasticity of demand for a commodity whose quantity demanded



      unchanged despite changes in the price is  A. Inelastic 

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B. Perfectly inelastic  C. Infinitely elastic 

D. Perfectly elastic 

32. A rise in the naira per dollar exchange from say N157/$1 to N160/$1 means 

 A. Naira has depreciated 

              B .Naira has appreciated

 C. Naira has increased 

 D. Dollar has increased  

33 ………….is presently used in Nigeria to measure inflation 

A. Consumer price index  B. Wholesale price index

             C. GNP implicit price deflator

D. Real Gross Domestic Product. 

34. The short run can be defined as the period of time during which

A. At least one of the firm’s input is fixed B. All inputs are variable 

C. All inputs are fixed

D. At least two inputs are fixed

35. Real cost is

 A. Alternative commodities forgone  B. Cost of goods and services 

C. Amount of money spent on goods and services  D. True cost 

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