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Tuesday, 23 June 2026
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Economics Past Questions and Answers

Economics Questions

Question 4596:
JAMB 2022
In manufacturing, division of labour may be hindered by
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  • A Excessive demand for the product
  • B Low level of technology
  • C Excess supply of labour
  • D Increase in the export of goods
View Answer & Explanation
Question 4597:
JAMB 2022
The production cost that varies inversely with output is the
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  • A Total fixed cost
  • B Marginal cost
  • C Average fixed cost
  • D Average cost
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Question 4598:
JAMB 2022
A firm that closes down will still incur
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  • A Variable cost
  • B Fixed cost
  • C Total cost
  • D Marginal cost
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Question 4599:
JAMB 2022
The sufficient condition for a firm to be in equilibrium is that the
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  • A Firm must show that it is profitable
  • B Marginal cost must be equal to average revenue
  • C Marginal revenue curve is above the average revenue curve
  • D Marginal cost curve cuts the marginal revenue curve from below
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Question 4600:
JAMB 2022
Cooperative societies are formed mainly to
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  • A Assist producers to maximize their profits
  • B Encourage thrift and credit among members
  • C Promote and maintain the welfare of members
  • D Break the monopolies of private companies
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