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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

The assumption of profit maximization implies profit?

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A Is the most important consideration of the firm
B Is the sole consideration of the firm
C Assumes an insatiable propotion in the instinct of management
D Is made in other to break-even

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Question 12:

Total fixed cost measures the cost of?

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A All plant and machinery
B All assets where quantity cannot be varied in the short run
C All assets upon which the firm has control
D Prooerty owned by the firm

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Question 13:

The output at which total revenue equals total cost is known as?

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A Profit-maximizing output
B Break even level output
C Loss-minizing output
D Least-cost output

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Question 14:

A commodity is said to have a derived demand when the commodity

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A And another have joint demand
B Is demanded because of what it can help to produce
C Is demanded for different purposes
D Has inelastic demand

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Question 15:

If goods were free, a rational consumer would consume?

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A An infinite amount of each good
B The amount where marginal utility became zero
C The same amount as when each good had a price
D The amount where marginal utility was the highest

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