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Economics Past Questions and Answers

Topic: Theory of Costs and Revenue

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Jamb Economics Questions - Theory of Costs and Revenue

Question 126:

Use the table below to answer the question below;
The international production set for Nigeria and Austria is;

Products	Nigeria	Austria
Cocoa	20 tonnes	12 tonnes
Lace	1o metres	8 metres

The Opportunity cost ratio for cocoa and lace Tor Austria and Nigeria is ____________

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A 1.5:2
B 2:2
C 2:1.5
D 0.5:1.5

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Question 127:

Pricing and Output decisions of sellers are highly inter-dependent in markets known as ____________

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A Monopoly
B Oligopoly
C Monopolistic competition
D Perfect competition

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Question 128:

A firm's average cost decreases in the long-run because of

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A Increasing returns to scale
B Diminishing average returns
C Decreasing marginal returns
D Decreasing average fixed cost

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Question 129:

In the long-run, a firm must shut down if its average revenue is

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A Greater than average cost
B Less than average variable cost
C Equal to the minimum average revenue is
D Equal to the average cost

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Question 130:

Marginal cost is?

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A The lowest cost of producing goods
B The cost of production of the most efficient firm in an industry
C The cost of production of the most inefficient firm in an industry
D The cost of production of the last or extra unit of goods produced by a firm

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