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Tuesday, 07 April 2026
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Economics Past Questions and Answers

Economics Questions

Question 896:
JAMB 1988
Which of the following BEST describes the production function?
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  • A It indicates best output to produce
  • B It relates naira inputs to naira output
  • C It relates physical outputs to physical inputs
  • D It indicates the best way to combine factors to produce given output
View Answer & Explanation
Question 897:
JAMB 1988
The law of Diminishing Returns begins to operate when?
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  • A Total product begins to rise
  • B Total product begins to fall
  • C Marginal product begins to fall
  • D Marginal product begins to rise
View Answer & Explanation
Question 898:
JAMB 1988
The assumption of profit maximization implies profit?
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  • A Is the most important consideration of the firm
  • B Is the sole consideration of the firm
  • C Assumes an insatiable propotion in the instinct of management
  • D Is made in other to break-even
View Answer & Explanation
Question 899:
JAMB 1988
Total fixed cost measures the cost of?
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  • A All plant and machinery
  • B All assets where quantity cannot be varied in the short run
  • C All assets upon which the firm has control
  • D Prooerty owned by the firm
View Answer & Explanation
Question 900:
JAMB 1988
The output at which total revenue equals total cost is known as?
SchoolNGR Classroom
  • A Profit-maximizing output
  • B Break even level output
  • C Loss-minizing output
  • D Least-cost output
View Answer & Explanation

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