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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

The main function of price in the economic system is to?

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A Allocate scarce resources among competing uses
B Ensure equitable distribution of income and wealth
C Determine the demand for and the supply of goods and services
D Remove all the constraints on production of goods and services

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Question 12:

One of the characteristics of an imperfect market is the?

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A Large number of buyers and sellers in the market
B Awareness of market conditions by buyers
C Availability of substitutes
D Heterogenetity of products

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Question 13:

A characteristic of the average fixed cost is that, it?

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A Rises and falls faster than the marginal cost
B Is U-shaped and intersects the price axis
C Is always higher than the average variable cost
D Falls continuously but is never equal to zero

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Question 14:

In a perfect competition, every firm is a price?

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A Maker
B Taker
C Giver
D Bidder

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Question 15:

Given that the total fixed cost is N1,000, total variable cost N2,500 and the output, 100 unit.
Find the average total cost of producing one units?

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A N 60
B N 45
C N 35
D N 30

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