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Economics Past Questions and Answers

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Economics Questions

Question 2156:

Given that fixed cost is N500.00, variable cost N1,500.00 and output is 50 units, what will be the average cost of producing one unit?

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A N2,000.00
B N60.00
C N50.00
D N40.00
E N30.00

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Question 2157:

Which of the following is regarded as fixed cost?

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A Cost of raw material
B Cost of fuel
C Cost of light
D Rent on land
E Labour wages

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Question 2158:

which of the following reasons explains the upward sloping of supply curve in a competitive market?

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A Ceteris paribus, marginal cost increase as output increases
B As new firms enter the market, factor price moves up
C Firms are in business to satisfy consumers
D Marginal cost often increases in a competitive market
E Firms are in business to produce goods

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Question 2159:

A firm is said to be a Public Joint-Stock Company when it

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A Is owned by the government
B Operates as a public corporation
C Is a limited liability company
D Sells its shares to memebers of the public
E Is administered by the public

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Question 2160:

which of the following factor is not important in deciding the location of an industry?

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A The native language of the epople
B Availabilty of suitable labour
C Source of cheap power and raw materials
D Proximity to the location of a similar industry
E Proximity to the market

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