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.
Development outside a given firm which reduce the firm costs are called?
Ainternal economies
Bexternal economies
Cexternal diseconomies
Doptimum effects
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Question 42
jamb1988
The average product of labour in a given period is obtained by dividing the?
Anumber of workers by the total product
Btotal product by the number of hours actually worked
Cchange in total product by the change in the number of workers
Dtotal product by the number of workers
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Question 43
jamb1988
Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?
Athrift
Bvalue
Cabundance
Dscarcity
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Question 44
jamb1988
Ufuoma is a consumer. His scale of preference shows that he prefers a pair of shoes to a wrist watch; he prefers the wrist watch to a pair of trousers; he prefers the pair of trousers to the pair of shoes. This means that Ufuoma is
Arational
Bconsistent
Cinconsistent
Dtransitive
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Question 45
jamb1988
When a variable is associated with time period, it is?
Aa flow
Ba stock
Ccircular
Dstatic
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Question 46
jamb1988
Economic is often described as a science because?
Alaboratory experiments are performed
Bit makes use of controlled experiments
Cit uses scientific methods to explain observed phenomena and predict future events
