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Thursday, 02 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:
Macroeconomics is a study of economics science from the point of view of?
  • A Resource markets or production units
  • B Individual producers or consumers
  • C Aggregate or general economy
  • D Companies or individual firms
View Answer & Explanation
Question 7:
If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
  • A Increasing returns to the variable factor
  • B Increasing returns to scale
  • C Constant returns to variable factor
  • D External economies of scale
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Question 8:
At any given level of output, the total cost of a firm equals the?
  • A Marginal cost plus the average cost
  • B Fixed costs less its varriable cost
  • C Average cost multiplied by variable costs
  • D Economic costs multiplied by variable costs
View Answer & Explanation
Question 9:
At any given level of output, a firm's total variable cost equals ?
  • A Total cost less marginal cost
  • B Total cost less total fixed costs
  • C Total cost less average cost
  • D Average variable cost and marginal cost
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Question 10:
At any given level of output, a firm's total variable cost equals ?
  • A Total cost less marginal cost
  • B Total cost less total fixed costs
  • C Total cost less average cost
  • D Average variable cost and marginal cost
View Answer & Explanation