Jamb Economics 1988 Past Questions and Answers

Question 11:

• JAMB 1988

The assumption of profit maximization implies profit?

A. Is the most important consideration of the firm
B. Is the sole consideration of the firm
C. Assumes an insatiable propotion in the instinct of management
D. Is made in other to break-even

Question 12:

• JAMB 1988

Total fixed cost measures the cost of?

A. All plant and machinery
B. All assets where quantity cannot be varied in the short run
C. All assets upon which the firm has control
D. Prooerty owned by the firm

Question 13:

• JAMB 1988

The output at which total revenue equals total cost is known as?

A. Profit-maximizing output
B. Break even level output
C. Loss-minizing output
D. Least-cost output

Question 14:

• JAMB 1988

A commodity is said to have a derived demand when the commodity

A. And another have joint demand
B. Is demanded because of what it can help to produce
C. Is demanded for different purposes
D. Has inelastic demand

Question 15:

• JAMB 1988

If goods were free, a rational consumer would consume?

A. An infinite amount of each good
B. The amount where marginal utility became zero
C. The same amount as when each good had a price
D. The amount where marginal utility was the highest