Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
One of the most outstanding disadvantages of co-operative societies as business organization is that?
Atrue spirit of co-operation is marred by delegated authority
Bmembers show much interest
Cit is poorly financed
Dmembership interest is centred on sharing of essential commodities
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Question 1884
jamb1991
A possible factor which limits the extent of growth of a firm is the?
Aexistence of a monoploy
Bbureaucratic delays in decision-making
Cuse of by-products
Dunwillingness to share ownership and control
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Question 1885
jamb1991
The ordinary partner in a partnership?
Atakes no active in the management of the business
Bhas limited liability in case of business failure
Chas unlimited liability in case of business failure
Dcannot be sued personally on matters relating to the business
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Question 1886
jamb1991
In a perfectly competitive market, the firm is in long-run equilibrium at the output where?
Amarginal cost is minimum
Baverage cost is minimum
Ctotal cost is minimum
Dmarginal cost revenue is maximum
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Question 1887
jamb1991
Comparison of the price and output decisions of a perfectly competitive firm with those of a monopolist shows that the?
Amonopolist charges a lower price than the perfect competitior
Bperfect competitior charges a lower price and produces a large output than the monopolist
Cperfect competitior produces a smaller output than the monopolist
Dmonopolist charges a lower price and produces a larger output than the perfect competitor
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Question 1888
jamb1991
Resources are efficiently allocated when production takes place at that output where price equals?
Amarginal revenue
Baverage variable cost
Cmarginal cost
Dtoal cost
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Question 1889
jamb1991
The cross-elasticity of demand between complementary goods is?
Aunitary
Bpositive
Czero
Dnegative
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Question 1890
jamb1991
A market is in disequilibrium if?
Athe quantity purchased is greater than quantity sold
Bthe quantity sold differs from the quantity purchased
Cat a lower price, a large quantity is sold
Dthe quantity demand differs from the quantity supplied
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Question 1891
jamb1991
If a society is operating on the production possibility curve, this implies that the resources are?
Afully and efficiently utilized
Bfully but inefficiently utilized
Cefficiently but not fully utilized
Dabundant
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Question 1892
jamb1991
If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?
A1.25
B0.80
C0.50
D0.40
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Question 1893
jamb1991
At any given level of output, a firm's total variable cost equals ?
Atotal cost less marginal cost
Btotal cost less total fixed costs
Ctotal cost less average cost
Daverage variable cost and marginal cost
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Question 1894
jamb1991
At any given level of output, the total cost of a firm equals the?
Amarginal cost plus the average cost
Bfixed costs less its varriable cost
Caverage cost multiplied by variable costs
Deconomic costs multiplied by variable costs
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Question 1895
jamb1991
If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
Aincreasing returns to the variable factor
Bincreasing returns to scale
Cconstant returns to variable factor
Dexternal economies of scale
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Question 1896
jamb1991
Macroeconomics is a study of economics science from the point of view of?
Aresource markets or production units
Bindividual producers or consumers
Caggregate or general economy
Dcompanies or individual firms
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Question 1897
jamb1991
A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.
AThe five naira she spent on the book
BFive naira real cash value
Cthe mirror
DThe book
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Question 1898
jamb1991
Economic goods are termed scarce goods when they are?
Anot available in sufficient quantities to satisfy all wants for them
Bnot produced in sufficient quantities to satisfy the effefctive demand for them
Cof high quality
Dof primary importance in satisfying the needs of a society
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Question 1899
jamb1991
In market economy, the question of what, how and for whom to produce are solved the
Aelected representative
Bplanning committe
Cprice mechanism
Dgovernment
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Question 1900
waec1990
The country that makes the largest contribution to the IMF is
