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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?

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A Zero and decreasing
B Decreasing and zero
C Negative and decreasing
D Both at their maximum

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Question 12:

In the long run, all production factors are?

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A Fixed
B Semi fixed
C Variable
D Semi-variable

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Question 13:

A company's expenditure on raw materials is regarded as?

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A Explicit cost
B Implicit cost
C Prime cost
D Average cost

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Question 14:

The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?

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A Always reflects the cost of labour
B Reflects the variable, but not the fixed cost of production
C Does not rise above variable costs
D Is determined by the cost of production and the current rate of inflation

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Question 15:

A firm determines its profit when it studies its?

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A Marginal Cost
B Average Cost
C Total Cost
D Average Cost relative to price in the market

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