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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

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A Thrift
B Value
C Abundance
D Scarcity

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Question 7:

The average product of labour in a given period is obtained by dividing the?

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A Number of workers by the total product
B Total product by the number of hours actually worked
C Change in total product by the change in the number of workers
D Total product by the number of workers

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Question 8:

Development outside a given firm which reduce the firm costs are called?

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A Internal economies
B External economies
C External diseconomies
D Optimum effects

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Question 9:

Which of the following BEST describes the production function?

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A It indicates best output to produce
B It relates naira inputs to naira output
C It relates physical outputs to physical inputs
D It indicates the best way to combine factors to produce given output

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Question 10:

The law of Diminishing Returns begins to operate when?

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A Total product begins to rise
B Total product begins to fall
C Marginal product begins to fall
D Marginal product begins to rise

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