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Tuesday, 23 June 2026
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Economics Past Questions and Answers

Economics Questions

Question 4576:
Marginal cost is?
  • A The lowest cost of producing goods
  • B The cost of production of the most efficient firm in an industry
  • C The cost of production of the most inefficient firm in an industry
  • D The cost of production of the last or extra unit of goods produced by a firm
View Answer & Explanation
Question 4577:
The price mechanism
  • A Regulates supply and demand
  • B Rations the consumers
  • C Rewards the producers
  • D Allocates scarce resources
  • E Does all of the above
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Question 4578:
In a free market economy, the rationing of scarce goods is done principally by?
  • A The government
  • B Business organizations
  • C The price mechanism
  • D Consumers
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Question 4579:
Scale of preference shows
  • A Incomes of consumers in order of size
  • B Utilities enjoyed by consumers
  • C Opportunity cost of goods consumed
  • D Consumer's wants in order of priority
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Question 4580:
There is unemployment of resources when production is
  • A Within the production possibility curve
  • B Outside the production possibility curve
  • C Along the production possibility curve
  • D Adequate to meet market demand
View Answer & Explanation