Jamb Economics Past Questions and Answers

Question 2061:

• JAMB 2012

The long-run average cost curve touches to the short-run average cost curves at the

A. Minimum points of all short run average cost curves
B. Declining points of all short-run average cost curves
C. Minimum point of only one of the short-run cost curves
D. Rising points of all short-run average cost curves

Question 2062:

• JAMB 2012

If a firm doubles all inputs in the long run and the total output is less than doubled, this results in

A. Diminishing returns
B. Constant returns to scale
C. Increasing returns to scale
D. Decreasing returns to scale

Question 2063:

• JAMB 2012

Patents and copyrights enable monopolists to

A. Determine the quality of their products
B. Determine the scale of their products
C. Restrict information flow to new firms
D. Restrict entry of new firms

Question 2064:

• JAMB 2012

A discriminatory monopoly is characterized by

A. A common elasticity in different markets
B. Different elasticities in different markets
C. A finite elasticity in all markets
D. Zero elasticity in all markets

Question 2065:

• JAMB 2012

Net National Product is derived by deducting

A. Net exports from GNP
B. Subsidies from GDP
C. Taxes from GDP
D. Depreciation from GNP