Economics 2012 Jamb Past Questions and Answers

Question 16 :

• JAMB 2012

If all factors are variable in the long run,firms will experience

A. Decreasing returns to scale
B. Increasing returns to scale
C. Diminishing returns
D. Economies of scale

Question 17 :

• JAMB 2012

The equilibrium point of a firm is attained at the point where the isoquant is

A. Greater than the isocost
B. Less than the isocost
C. Tangent to the isocost
D. Greater than the output

Question 18 :

• JAMB 2012

The long-run average cost curve touches to the short-run average cost curves at the

A. Minimum points of all short run average cost curves
B. Declining points of all short-run average cost curves
C. Minimum point of only one of the short-run cost curves
D. Rising points of all short-run average cost curves

Question 19 :

• JAMB 2012

If a firm doubles all inputs in the long run and the total output is less than doubled, this results in

A. Diminishing returns
B. Constant returns to scale
C. Increasing returns to scale
D. Decreasing returns to scale

Question 20 :

• JAMB 2012

Patents and copyrights enable monopolists to

A. Determine the quality of their products
B. Determine the scale of their products
C. Restrict information flow to new firms
D. Restrict entry of new firms