Jamb Economics Past Questions and Answers

Question 2286:

• JAMB 2022

Which of the following factors is not a cause of diminishing returns?

A. Increase in variable inputs
B. Land fragmentation
C. Constant technology
D. Technological innovations

Question 2287:

• JAMB 2022

In manufacturing, division of labour may be hindered by

A. Excessive demand for the product
B. Low level of technology
C. Excess supply of labour
D. Increase in the export of goods

Question 2288:

• JAMB 2022

The production cost that varies inversely with output is the

A. Total fixed cost
B. Marginal cost
C. Average fixed cost
D. Average cost

Question 2289:

• JAMB 2022

A firm that closes down will still incur

A. Variable cost
B. Fixed cost
C. Total cost
D. Marginal cost

Question 2290:

• JAMB 2022

The sufficient condition for a firm to be in equilibrium is that the

A. Firm must show that it is profitable
B. Marginal cost must be equal to average revenue
C. Marginal revenue curve is above the average revenue curve
D. Marginal cost curve cuts the marginal revenue curve from below