Theory of Costs and Revenue - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2015

The relationship between the cost of living and standard of living is

A. A rise in cost of living gives a corresponding rise in standard of living
B. A lower cost of living give a higher standard of living
C. A lower cost of living give a lower standard of living
D. None of the above

Question 12:

• JAMB 2015

Revenue can be expressed as

A. Total Profit made after sales
B. Amount of goods produced
C. Total money realized from sales
D. Amount spent on purchases

Question 13:

• JAMB 2014

From the table above, find the values of E and F respectively

A. 27 and 1
B. 68 and 12
C. 28 and 5
D. 12 and 19

Question 14:

• JAMB 2014

The short-run average variable cost of a firm will rise owing to

A. The expansion of factory space
B. The building of new warehouse
C. An increase in the cost of labour
D. An increase in the salaries of directors

Question 15:

• 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