The concepts of cost - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2019

The most important cost curve for the firm is_________

A. MC
B. AC
C. TC
D. FC

Question 3:

• 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 4:

• JAMB 2016

A company's expenditure on raw materials is termed as_______?

A. Prime cost
B. Explicit cost
C. Average cost
D. Implicit cost

Question 5:

• JAMB 2015

The line Y in the diagram represents

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