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Economics Past Questions and Answers

Jamb Economics Questions

Question 66:

The production cost that varies inversely with output is the

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A Total fixed cost
B Marginal cost
C Average fixed cost
D Average cost

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Question 67:

A firm that closes down will still incur

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A Variable cost
B Fixed cost
C Total cost
D Marginal cost

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Question 68:

The sufficient condition for a firm to be in equilibrium is that the

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A Firm must show that it is profitable
B Marginal cost must be equal to average revenue
C Marginal revenue curve is above the average revenue curve
D Marginal cost curve cuts the marginal revenue curve from below

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Question 69:

Cooperative societies are formed mainly to

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A Assist producers to maximize their profits
B Encourage thrift and credit among members
C Promote and maintain the welfare of members
D Break the monopolies of private companies

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Question 70:

A disadvantage of a jont-stock company is

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A Unlimited liability
B Limited liability
C Lack of continuity when a shareholder dies
D Limited control in management by shareholders

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