Economics Past Questions For JAMB, WAEC, NECO & Post UTME, With Answers, And Explanations - Economics

Economics Questions

Question 3856:

Economic efficiency means ____

SchoolNGR Classroom

A Obtaining maximum output from available resources
B Equitable distribution of nation’s resources
C Carrying out production without any waste
D Producing the maximum output from available resources at the lowest possible cost
E Efficient utilisation of the nationâ€™s<br/>resources.

View Answer & Explanation

Question 3857:

External economies are

SchoolNGR Classroom

A The advantages accruing to firm as a result of its expansion
B The advantages accruing to one firm as a result of the existence of other firms in the same locality
C Benefits derived by a firm as a result of its own external economies policy
D Economies reaped only by firms that are externally focused
E Bound to increase the cost of production

View Answer & Explanation

Question 3858:

If a firm doubles its output and its costs increase by 60%, the firm is experiencing

SchoolNGR Classroom

A Increasing costs
B Economies of scale
C Decreasing returns
D Decreasing costs
E None of the above

View Answer & Explanation

Question 3859:

In economics, production is complete when

SchoolNGR Classroom

A Goods are produced in the factories
B Goods are sold to the wholesaler
C Goods and services are produced by the government
D Prices are fixed for goods and services
E Goods and services finally reach the<br/>consumer

View Answer & Explanation

Question 3860:

In the study of economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are ____

SchoolNGR Classroom

A Profitable to the production process
B Purchased for the purpose of production
C Combined in the production process
D Produced adequately for the production process
E Brought into factory

View Answer & Explanation

Search SchoolNGR

Economics Past Questions and Answers

Economics Questions

Stay Updated

Subjects