Jamb Economics 2005 Past Questions and Answers

Question 21:

• JAMB 2005

An example of a long-run cost of a firm is

A. Fuel and maintenace cost
B. The planned size of plant equipment
C. The existing size of plant and equipment
D. Rent on buildings

Question 22:

• JAMB 2005

In a car assembly plant, division of labour is demonstrated by

A. Assigning each worker to a specific activity
B. Assigning each worker a given number to produce
C. Increasing the daily output
D. Producing a specific model

Question 23:

• JAMB 2005

Under perfect competition, the short-run supply curve of a firm is determined by its

A. Total cost curve
B. Marginal cost curve
C. Average fixed cost curve
D. Average cost curve

Question 24:

• JAMB 2005

The hoarding of goods is usually experienced when

A. Supply is greater than demand
B. The market price above the equilibrium price
C. Demand is greater than supply
D. Excess demand is greater than excess supply

Question 25:

• JAMB 2005

The technical relationship between input combination and maximum attainable output is called

A. A production function
B. An indifference curve
C. An isocost
D. An isoquant