Jamb Economics 2009 Past Questions and Answers

Question 16:

• JAMB 2009

As the level of output increases, the average fixed cost of a firm will

A. Continue to decrease
B. Remain unchanged
C. Continue to increase
D. Be equal to the total cost

Question 17:

• JAMB 2009

The shape of the long-run average cost curve is best explained by the

A. Law of diminishing returns
B. Law of returns to scale
C. Cost of fixed inputs
D. Cost of variable inputs

Question 18:

• JAMB 2009

The supply curve of a perfectly competitive firm is identical to its

A. Total cost
B. Marginal cost
C. Fixed cost
D. Variable inputs

Question 19:

• JAMB 2009

If a monopolist is incurring short-run losses, this means that his

A. Selling price is above the short-run marginal cost
B. Selling price is below the short-run marginal cost
C. Average revenue is greater than marginal revenue
D. Average reveune is less than marginal revenue

Question 20:

• JAMB 2009

In developing countries, it is easier to obtain accurate national income estimates through the

A. GNP
B. GDP
C. NDP
D. NNP