Jamb Economics 2001 Past Questions and Answers

Question 16:

• JAMB 2001

A firm's shut-down point is reach when the average revenue fails to cover the?

A. Average variable cost
B. Marginal cost
C. Average total cost
D. Average fixed cost

Question 17:

• JAMB 2001

Internal economies of scale are expected to bring about?

A. An increase in short-run average cost
B. An increase in long-run average cost
C. A decrease in long-run average cost
D. A decrease in short-run average cost

Question 18:

• JAMB 2001

In the long-run, a monopolist maximized his profit when the marginal cost equals?

A. Total revenue
B. Marginal revenue
C. Average revenue
D. Price

Question 19:

• JAMB 2001

The long run is a period during which a firm?

A. Sells inputs to purchase fixed assets
B. Varies all its inputs
C. Sources all its inputs from within
D. Replaces all its inputs

Question 20:

• JAMB 2001

An important feature of perfect competition is that?

A. The movement of goods and services is restricted
B. There is adequate knowledge of existing prices
C. Prices are centrally administered
D. Individual economic units can influence prices