Jamb Economics Past Questions and Answers

Question 51:

• JAMB 2018

Consider the following figures which refer to a firm's production department during one week:

Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are

A. ₦7,300
B. ₦7,100
C. ₦1,300
D. ₦1,100

Question 52:

• JAMB 2018

If AC and MC are represented on a graph, the MC curve will cut the AC curve_______

A. At the maximum point on the AC curve
B. At the highest point on the AC curve
C. At the minimum point on the AC curve
D. At the peak

Question 53:

• JAMB 2018

Consider the diagram below which shows a demand curve (d).

Total expenditure on a commodity is represented by the area TUVW. Consumer's surplus is represented by___________

A. The area VWX
B. The area XTUV
C. \(\frac {XW} {XT}\)
D. \(\frac {TU} {UV}\)

Question 54:

• JAMB 2018

Adam Smith's Theory of value stated that the value of a commodity depended on________

A. The market price in a free market over a long period
B. The over-all cost of production of the commodity
C. The amount of labour expended on its production
D. Its relative scarcity at any given time

Question 55:

• JAMB 2018

Let the quantity demanded in units of a particular commodity be represented as Qd = 80 - 2P, find the quantity demanded when P = ₦3.

A. 70
B. 47
C. 74
D. 40