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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?

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A Monopolist charges a lower price than the perfect competitior
B Perfect competitior charges a lower price and produces a large output than the monopolist
C Perfect competitior produces a smaller output than the monopolist
D Monopolist charges a lower price and produces a larger output than the perfect competitor

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Question 17:

In a perfectly competitive market, the firm is in long-run equilibrium at the output where?

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A Marginal cost is minimum
B Average cost is minimum
C Total cost is minimum
D Marginal cost revenue is maximum

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Question 18:

The ordinary partner in a partnership?

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A Takes no active in the management of the business
B Has limited liability in case of business failure
C Has unlimited liability in case of business failure
D Cannot be sued personally on matters relating to the business

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Question 19:

A possible factor which limits the extent of growth of a firm is the?

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A Existence of a monoploy
B Bureaucratic delays in decision-making
C Use of by-products
D Unwillingness to share ownership and control

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Question 20:

One of the most outstanding disadvantages of co-operative societies as business organization is that?

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A True spirit of co-operation is marred by delegated authority
B Members show much interest
C It is poorly financed
D Membership interest is centred on sharing of essential commodities

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