Jamb Economics 2022 Past Questions and Answers

Question 16:

• JAMB 2022

A firm's average cost decreases in the long-run because of

A. Increasing returns to scale
B. Diminishing average returns
C. Decreasing marginal returns
D. Decreasing average fixed cost

Question 17:

• JAMB 2022

In the long-run, a firm must shut down if its average revenue is

A. Greater than average cost
B. Less than average variable cost
C. Equal to the minimum average revenue is
D. Equal to the average cost

Question 18:

• JAMB 2022

In the event of bankruptcy, owners of joint-stock companies lose

A. Their private properties
B. Both company and private assets
C. Only the capital invested
D. Only their dividends

Question 19:

• JAMB 2022

Wholesalers play an important in the distribution of goods and services because they

A. Are located very close to consumers
B. Finance both producers and retailers
C. Pass information on from retailers to consumers
D. Sell in small units to consumers

Question 20:

• JAMB 2022

If workers at the school canteen cannot sell during the holidays, this is example of

A. Structural unemployment
B. Frictional unemployment
C. Seasonal unemployment
D. Residual unemployment