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Economics Past Questions and Answers

Jamb Economics Questions

Question 16:

A firm's shut-down point is reach when the average revenue fails to cover the?

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A Average variable cost
B Marginal cost
C Average total cost
D Average fixed cost

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Question 17:

Internal economies of scale are expected to bring about?

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A An increase in short-run average cost
B An increase in long-run average cost
C A decrease in long-run average cost
D A decrease in short-run average cost

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Question 18:

In the long-run, a monopolist maximized his profit when the marginal cost equals?

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A Total revenue
B Marginal revenue
C Average revenue
D Price

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Question 19:

The long run is a period during which a firm?

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A Sells inputs to purchase fixed assets
B Varies all its inputs
C Sources all its inputs from within
D Replaces all its inputs

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Question 20:

An important feature of perfect competition is that?

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A The movement of goods and services is restricted
B There is adequate knowledge of existing prices
C Prices are centrally administered
D Individual economic units can influence prices

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