Jamb Economics 2005 Past Questions and Answers

Question 16:

• JAMB 2005

Agricultural backward-linkage effect means the establishment of

A. Subsidiary industries to increase the number of industries
B. Main industries to increase output
C. Industries to reduce imports
D. Subsidiary industries to feed the main industry

Question 17:

• JAMB 2005

The distinction between onshore and offshore operations in oil exploration lies in the

A. Location of sites
B. Output generated
C. Size of production
D. Techniques of production

Question 18:

• JAMB 2005

Long-run production is called

A. Diminsihing returns to scale
B. Returns to scale
C. External economies of scale
D. Economies of scale

Question 19:

• JAMB 2005

For a firm to break even in the long run, the marginal cost curve must cut the

A. Average variable cost curve at its higest point
B. Average cost cure at its lowest point
C. Average cost curve at its lowest point
D. Total cost cure at its lowest point

Question 20:

• JAMB 2005

An increase in the quantity supplied of commodity suggests

A. A leftward shift of the supply curve
B. A rightward shift of the supply curve
C. A movement along the supply curve
D. An increase in elasticity of supply