Jamb Economics 2022 Past Questions and Answers

Question 66:

• JAMB 2022

The production cost that varies inversely with output is the

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

Question 67:

• JAMB 2022

A firm that closes down will still incur

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

Question 68:

• JAMB 2022

The sufficient condition for a firm to be in equilibrium is that the

A. Firm must show that it is profitable
B. Marginal cost must be equal to average revenue
C. Marginal revenue curve is above the average revenue curve
D. Marginal cost curve cuts the marginal revenue curve from below

Question 69:

• JAMB 2022

Cooperative societies are formed mainly to

A. Assist producers to maximize their profits
B. Encourage thrift and credit among members
C. Promote and maintain the welfare of members
D. Break the monopolies of private companies

Question 70:

• JAMB 2022

A disadvantage of a jont-stock company is

A. Unlimited liability
B. Limited liability
C. Lack of continuity when a shareholder dies
D. Limited control in management by shareholders