Jamb Economics Past Questions and Answers

Question 2236:

• JAMB 2022

If the marginal utility of commodity is equal to its price, then

A. The consumer is in equilibrium
B. More of the commodity can be consumed
C. Total utility is also equal to its price
D. The market is not in equilibrium

Question 2237:

• JAMB 2022

A price floor is usually fixed

A. At the equilibrium and causes no shortage
B. Above the equilibrium and causes shortage
C. Below the equilibrium and causes surpluses
D. Above the equilibrium and causes surpluses

Question 2238:

• 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 2239:

• 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 2240:

• 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