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

Economics Questions

Question 4426:

External economies are ____________

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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

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Question 4427:

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

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

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Question 4428:

In economics, production is complete when ____________

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A Goods are produced in the factories
B E 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 consumer

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Question 4429:

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 ____________

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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

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Question 4430:

Production that takes place within the production possibility curve is said to be ____________

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A Inefficient
B Possible
C With increased output
D X-efficient
E Pareto-compliant

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