Jamb Economics 2014 Past Questions and Answers

Question 36:

• JAMB 2014

Given that FC = N500, VC = N1,500, and Q = 50 units. Find the average cost of the product.

A. N30
B. N40
C. N10
D. N20

Question 37:

• JAMB 2014

Rent and administrative expenses are examples of

A. Average fixed costs
B. Average variable costs
C. Fixed costs
D. Variable costs

Question 38:

• JAMB 2014

A perfect competitor will continue to expand output up to the point where

A. TC > TR
B. MR = AR
C. MC < MR
D. MC > MR

Question 39:

• JAMB 2014

One of the characteristics of a monopolist is that, he can influence

A. Quantity produced by other producers
B. Prices charged by other producers
C. Both price and quantity
D. Price or quantity

Question 40:

• JAMB 2014

A rightward shift of the budget line is caused by a

A. Fall in consumer income
B. Change in consumer taste
C. Fall in the commodity relative price
D. Rise in the consumer income