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Economics Past Questions and Answers
Topic: Average Product(AP)
Classroom
Jamb
Exam year:
Exam year
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Question type:
Question type
Objective
Theory
Topics:
Topics
[1] Economics as a science
[1].1 Basic Concepts
[1].1.1 Wants
[1].1.2 Scarcity
[1].1.3 Choice
[1].1.4 Scale of preference
[1].1.5 Opportunity cost
[1].1.6 Rationality
[1].1.7 Production
[1].1.8 Distribution
[1].1.9 Consumption
[1].2 Economic problems
[1].2.1 What to produce
[1].2.2 How to produce
[1].2.3 Whom to produce
[1].2.4 Efficiency use of resources
[1].3 Application of PPF to solution of economic problems.
[2] Economic Systems
[2].1 Types of economic system
[2].1.1 Free enterprise economy
[2].1.2 Centrally planned economy
[2].1.3 Mixed economy
[2].2 Solutions to economic problems under different systems
[2].3 Contemporary issues in economic systems
[2].3.1 Economic reforms
[2].3.2 Deregulation
[2].3.3 Banking sector consolidation
[2].3.4 Cash policy reform
[3] Methods and Tools of Economic Analysis
[3].1 Scientific Approach
[3].1.1 Inductive and deductive methods
[3].1.2 Positive and normative reasoning
[3].2 Basic Tools
[3].2.1 Tables, charts and graphs
[3].2.2 Mean, median and mode, and their applications
[3].2.3 Variance, standard deviation, range and their applications
[3].2.4 merits and demerits of the tools.
[4] The Theory of Demand
[4].1 Meaning and determinants of demand
[4].1.1 Demand schedules and curves
[4].1.2 Distinction between change in quantity demanded and change in demand
[4].2 Types of demand
[4].2.1 Composite demand
[4].2.2 Derived demand
[4].2.3 Competitive demand
[4].2.4 Joint demand
[4].3 Types, nature and determinants of elasticity and their measurement
[4].3.1 Price elasticity of demand
[4].3.2 Income elasticity of demand
[4].3.3 Cross elasticity of demand
[4].4 Importance of elasticity of demand to consumers, producers and government
[5] The Theory of Consumer Behaviour
[5].1 Basic Concepts of Theory of Consumer Behaviour
[5].1.1 Utility
[5].1.2 Indifference curve
[5].1.3 Budget line
[5].2 Diminishing marginal utility and the law of demand
[5].3 Consumer equilibrium using the indifference curve and marginal analyses
[5].4 Effects of shift in the budget line and the indifference curve
[5].5 Consumer surplus and its applications
[6] The Theory of Supply
[6].1 Meaning and determinants of supply
[6].1.1 Supply schedules
[6].1.2 Supply curves
[6].1.3 The distinction between change in quantity supplied and change in supply
[6].2 Types of Supply
[6].2.1 Joint/complementary supply
[6].2.2 Competitive supply
[6].2.3 Composite supply
[6].3 Elasticity of Supply
[6].3.1 Determinants of Elasticity of Supply
[6].3.2 Measurements of Elasticity of Supply
[6].3.3 Nature and applications of Elasticity of Supply
[7] The Theory of Price Determination
[7].1 The concepts of market and price
[7].2 Functions of the price system
[7].2.1 Equilibrium price and quantity in product and factor markets
[7].2.2 Price legislation and its effects
[7].3 The effects of changes in supply and demand on equilibrium price and quantity
[8] The Theory of Production
[8].1 Meaning and types of production
[8].2 Concepts of production and their interrelationships
[8].2.1 Total Product(TP)
[8].2.2 Average Product(AP)
[8].2.3 Marginal Product(MP)
[8].2.4 The law of variable proportion
[8].3 Division of labour and specialization
[8].4 Scale of Production
[8].4.1 Internal economies of scale
[8].4.2 External economies of scale
[8].4.3 Their implications
[8].5 Production functions and returns to scale
[8].6 Producers equilibrium
[8].6.1 Isoquant
[8].6.2 Isocost
[8].6.3 Marginal Analyses
[8].7 Factors affecting productivity
[9] Theory of Costs and Revenue
[9].1 The concepts of cost
[9].1.1 Fixed cost
[9].1.2 Variable cost
[9].1.3 Total cost
[9].1.4 Average cost
[9].1.5 Marginal cost
[9].2 The concepts of revenue
[9].2.1 Total revenue
[9].2.2 Average revenue
[9].2.3 Marginal revenue
[9].3 Accountants' and Economists' notions of cost
[9].4 Short-run and long-run costs
[9].5 The marginal cost and the supply curve of a firm
[10] Market Structures
[10].1 Perfectly competitive market
[10].1.1 Assumptions and characteristics of Perfectly Competitive Market
[10].1.2 Short-run and long-run equilibrium of a perfect competitor
[10].2 Imperfect Market
[10].2.1 Pure monopoly
[10].2.2 Discriminatory monopoly
[10].2.3 Monopolistic competition
[10].2.4 Short-run and long-run equilibrium positions
[10].3 Break-even/shut-down analysis in the various markets
[11] National Income
[11].1 The Concepts of GNP, GDP, NI, NNP
[11].2 National Income measurements and their problems
[11].3 Uses and limitations of national income estimates
[11].4 The circular flow of income (two and three-sector models)
[11].5 The concepts of consumption, investment and savings
[11].6 The multiplier and its effects
[11].7 Elementary theory of income determination and equilibrium national income
[12] Money and Inflation
[12].1 Types, characteristics and functions of money
[12].2 Demand for money and the supply of money
[12].3 Quantity Theory of money (Fisher equation)
[12].4 The value of money and the price level
[12].5 Inflation
[12].5.1 Types of inflation
[12].5.2 Measurements of inflation
[12].5.3 Effects of inflation
[12].5.4 Control of inflation
[12].6 Deflation
[12].6.1 Measurements of Deflation
[12].6.2 Effects and control of Deflation
[13] Financial Institutions
[13].1 Types and functions of financial institutions
[13].1.1 Traditional banks
[13].1.2 Central bank
[13].1.3 Mortgage banks
[13].1.4 Merchant banks
[13].1.5 Insurance companies
[13].1.6 Building societies
[13].1.7 Commercial Banks
[13].1.8 Development Banks
[13].2 The role of financial institutions in economic development
[13].3 Money and capital markets
[13].4 Financial sector regulations
[13].5 Deposit money banks and the creation of money
[13].6 Monetary policy and its instruments
[13].7 Challenges facing financial institutions in Nigeria
[14] Public Finance
[14].1 Meaning and objectives of Public Finance
[14].2 Fiscal policy and its instruments
[14].3 Sources of government revenue
[14].3.1 Taxes, royalties
[14].3.2 Rents
[14].3.3 Grants and aids
[14].4 Principles of taxation
[14].5 Tax incidence and its effects
[14].6 The effects of public expenditure
[14].7 Government budget and public debts
[14].8 Revenue allocation and resource control in Nigeria
[15] Economic Growth and Development
[15].1 Meaning and scope of Economic Growth and Development
[15].2 Indicators of growth and development
[15].3 Factors affecting growth and development
[15].4 Problems of development in Nigeria
[15].5 Development planning in Nigeria
[16] Agriculture in Nigeria
[16].1 Types and features of Agriculture
[16].2 The role of agriculture in economic development
[16].3 Problems of agriculture
[16].4 Agricultural policies and their effects
[16].5 Instability in agricultural incomes
[16].5.1 Causes of instability in agricultural incomes
[16].5.2 Effects and solutions to instability in agricultural incomes
[17] Industry and Industrialization
[17].1 Concepts and effects of location and localization of industry in Nigeria
[17].2 Strategies and Industrialization in Nigeria
[17].3 Industrialization and economic development in Nigeria
[17].4 Funding and management of business organization
[17].5 Factors determining the size of firms
[18] Natural Resources and the Nigerian Economy
[18].1 Development of major natural resources
[18].1.1 Petroleum
[18].1.2 Gold
[18].1.3 Diamond
[18].1.4 Timber
[18].2 Contributions of the oil and the non-oil sectors to the Nigerian economy
[18].3 Linkage effects
[18].4 Upstream/downstream of the oil sector
[18].5 The role of NNPC and OPEC in the oil sector
[18].6 Challenges facing natural resources exploitation
[19] Business Organizations
[19].1 Private enterprises
[19].1.1 Sole-proprietorship
[19].1.2 Partnership
[19].1.3 Limited liability companies
[19].1.4 Cooperative societies
[19].2 Problems of private enterprises
[19].3 Public enterprises and their problems
[19].4 Funding and management of business organizations
[19].5 Factors determining the size of firms
[19].6 Privatization and Commercialization as solutions to the problems of public enterprises
[20] Population
[20].1 Meaning and theories of population
[20].2 Census
[20].2.1 Importance and problems of Census
[20].3 Size and growth
[20].3.1 Over-population
[20].3.2 Under-population
[20].3.3 Optimum population
[20].4 Structure and distribution of population
[20].5 Population policy and economic development
[21] International Trade
[21].1 Meaning and basis for international trade
[21].1.1 Absolute costs
[21].1.2 Comparative costs
[21].2 Balance of trade and balance of payments
[21].2.1 Problems of Balance of trade and balance of payments
[21].2.2 Corrective of Balance of trade and balance of payments
[21].3 Composition and direction of Nigeria's foreign trade
[21].4 Exchange rate
[21].4.1 Meaning of exchange rate
[21].4.2 Types of exchange rate
[21].4.3 Determination of exchange rate
[22] International Economic Organizations
[22].1 Roles and relevance of international organization
[22].1.1 ECOWAS
[22].1.2 AU
[22].1.3 EU
[22].1.4 ECA
[22].1.5 IMF
[22].1.6 EEC
[22].1.7 OECD
[22].1.8 World Bank
[22].1.9 IBRD
[22].1.10 WTO
[22].1.11 ADB
[22].1.12 UNCTAD
[23] Factors of Production and their Theories
[23].1 Types, features, and rewards of Factors of Production
[23].2 Determination of wages, interest, and profits of Factors of Production
[23].3 Theories of Factors of Production
[23].3.1 Marginal productivity theory of wages
[23].3.2 Liquidity preference theory
[23].4 Factor mobility and efficiency of Factors of Production
[23].5 Unemployment and its solutions
Jamb Economics Questions - Average Product(AP)
Question 1:
JAMB 2017
From the table above, the average product of the 3rd unit of labour is
SchoolNGR Classroom
A
50
B
70
C
350
D
150
View Answer & Explanation
Question 2:
JAMB 2015
\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)
Calculate the average product when the 2nd labour was employed 12.5
SchoolNGR Classroom
A
12.5
B
12
C
15
D
10
View Answer & Explanation
Question 3:
JAMB 2014
A perfect competitor will continue to expand output up to the point where
SchoolNGR Classroom
A
TC > TR
B
MR = AR
C
MC < MR
D
MC > MR
View Answer & Explanation
Question 4:
JAMB 1978
If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing
SchoolNGR Classroom
A
Increasing Marginal utility
B
Diseconomies of scale
C
Increasing costs
D
Constant returns to scale
E
Increasing returns to scale
View Answer & Explanation
Question 5:
JAMB 1988
The average product of labour in a given period is obtained by dividing the?
SchoolNGR Classroom
A
Number of workers by the total product
B
Total product by the number of hours actually worked
C
Change in total product by the change in the number of workers
D
Total product by the number of workers
View Answer & Explanation
1
2
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