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.
At the point of profit maximization by a firm, marginal cost is?
Aminimum
Bfalling
Cconstant
Drising
View Explanation & Discuss
Question 1932
jamb1990
Economics of scale operate only when?
Amarginal cost is falling with input
Baverage cost is falling with output
Cfixed cost is variable
Dvariable cost is less than fixed cost
View Explanation & Discuss
Question 1933
jamb1990
A firm achieves least-cost in production by substituting factors until?
Atheir prices are equal
Bthe ratio of their marginal -physical-products equals the ratio of their prices
Ctheir marginal -physical-products are each equal to their factor prices
Dtheir marginal -physical-products are each equal to zero
View Explanation & Discuss
Question 1934
jamb1990
Which of following rewards is associated with entrepreneurship as a factor of production?
ASalaries
BProfit
CInterests
DRents
View Explanation & Discuss
Question 1935
jamb1990
One of the major advantages of specialization is that?
Athe worker becomes a tenderer of machines
Bit causes more employment of labour
Cless machinery is required for production
Dthe worker wastes less time between operations
View Explanation & Discuss
Question 1936
jamb1990
In economic life, choice among alternatives depends on the?
Aincome of the decision maker
Bscarcity of resources
Cscale of preference of the decision maker
Dstatus of the decision maker
View Explanation & Discuss
Question 1937
jamb1990
If one orange costs 20k and one kilogram of beef costs N10.00, the opportunity cost of one kilogram of beef is?
A50 oranges
B10 oranges
C5 oranges
D9.80
View Explanation & Discuss
Question 1938
waec1989
which of the following hard currencies is usually used in the pricing of oil at the world market particularly by the Organization of Petroleum Exporting Countries (OPEC)? The
AUS dollar
BJapanese Yen
CPound Sterling
DDeutschemark
ENaira
View Explanation & Discuss
Question 1939
waec1989
The downward sloping of the Average Revenue curve of the monopolist indicates that he
ACan control both output and price
BCan only break-even
CCan control either the output or the price, but not both
DCan’t control anything
EExploit the consumer
View Explanation & Discuss
Question 1940
waec1989
The reward of a debenture holder of a public company is a fixed rate of
AInterest
BReturn
CDividend
DRent
EAllowance
View Explanation & Discuss
Question 1941
waec1989
Industry can simply be defined as
AMany firms producing different products
BA firm or firms producing similar goods and services
CDifferent firms producing different goods
DDifferent firms producing equal number of similar goods and services
EMany firms producing unidentical goods and services
View Explanation & Discuss
Question 1942
waec1989
which of these does not encourage industrial development?
ATax exemption
BProvision of financial institution
CProvision of infrastructural facilities
DLimitation of markets for industruial products
EGovernment direct participation
View Explanation & Discuss
Question 1943
waec1989
which of these does not encourage industrial development?
ATax exemption
BProvision of financial institution
CProvision of infrastructural facilities
DLimitation of markets for industruial products
EGovernment direct participation
View Explanation & Discuss
Question 1944
waec1989
Inflation in any economy
AHas no monetary connection
BImplies a sustained decrease in the general price level
CAlways increase the value of national currency
DTends to redistribute income arbitrarily
ETends to bring down market prices
View Explanation & Discuss
Question 1945
waec1989
Wages are to some extent determine by the
AMarginal utility of labour
BMarginal productivity of labour
CAverage productivity of labour
DTotal productivity of labour
EAmount of goods and services that the wage can fetch
View Explanation & Discuss
Question 1946
waec1989
A legal tender is any
Aform of money
Bmeans of exchange authorized by the state
Ccommodity generally acceptable as a meduim of exchange
Dtotal productivity of labour
Eamount of goods and services that the wage can fetch
View Explanation & Discuss
Question 1947
waec1989
which of the following is the most important reason why wages differ among occupations?
ALength and cost of training
BSupply of labour
CAttractiveness of the job
Dinfluence of trade unions
EGovernment decision
View Explanation & Discuss
Question 1948
waec1989
The grouping of a population into males and females is known as the
Ageographical distribution
Bage distribution
Csex distribution
Dman-woman distribution
Eoccupational distribution
View Explanation & Discuss
Question 1949
waec1989
Distribution is part of production because it
AMakes goods and services available to the final consumer
BTransport the goods from place to place
COffers employment to people
DEncourages the provision of good roads, waterways and railways
ELinks the consumer with the producer
View Explanation & Discuss
Question 1950
waec1989
in a rapidly growing economy where human labour is being replaced by machines, there is likely to be
