Jamb Economics 1991 Past Questions and Answers

Question 6:

• JAMB 1991

Macroeconomics is a study of economics science from the point of view of?

A. Resource markets or production units
B. Individual producers or consumers
C. Aggregate or general economy
D. Companies or individual firms

Question 7:

• JAMB 1991

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?

A. Increasing returns to the variable factor
B. Increasing returns to scale
C. Constant returns to variable factor
D. External economies of scale

Question 8:

• JAMB 1991

At any given level of output, the total cost of a firm equals the?

A. Marginal cost plus the average cost
B. Fixed costs less its varriable cost
C. Average cost multiplied by variable costs
D. Economic costs multiplied by variable costs

Question 9:

• JAMB 1991

At any given level of output, a firm's total variable cost equals ?

A. Total cost less marginal cost
B. Total cost less total fixed costs
C. Total cost less average cost
D. Average variable cost and marginal cost

Question 10:

• JAMB 1991

At any given level of output, a firm's total variable cost equals ?

A. Total cost less marginal cost
B. Total cost less total fixed costs
C. Total cost less average cost
D. Average variable cost and marginal cost