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

41. An “innovator” is an entrepreneur who

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             A.  Makes basic policy decisions in a business firm

             B.  Combines factors of production to produce a good or service

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             C. Invents a new product or process for producing a product

             D.  Introduces new products on the market or employs a new method to produce a

                   product.

42. The two kinds of agents found in the circular flow model are

              A. Real and money markets

             B. Real and traditional markets

             C. Money and authorization markets

             D. Product and factor markets.

43. The law of supply states that, other things being constant, as price increases

             A. Supply increases

             B. Supply decreases

             C. Quantity supplied increases

             D. Quantity supplied decreases.

44. Which of the following is a characteristic of competition?

             A. The widespread diffusion of economic power.

             B. A small number of buyers in product markets.

             C. Several sellers of all products.

             D. The relatively difficult entry into and exit from industries by producers.

45. If a business’ total economic cost of producing 10,000units of a product is N750,000 and

this output is sold to consumers for N1,000,000, then the firm would earn

             A.  A normal profit of N750,000

             B.  An economic profit of N750,000

             C.  An economic profit of N250,000

              D.  A normal profit o N1,750,000.

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