Theory of Costs and Revenue - 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 average curve and the marginal curve are U-shaped in the short-run and flatter in the long-run due to________

A. Economies of scale
B. Money cost
C. Opportunity cost
D. Cost functions

Question 3:

• JAMB 2019

The most important cost curve for the firm is_________

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

Question 4:

• JAMB 2018

If wage rate is less than the average revenue product, the firms would be earning________

A. Loss
B. Super normal profit
C. Normal profit
D. Higher revenue

Question 5:

• JAMB 2018

The determination of wages in a labour market depends on the_______

A. Government
B. People
C. Interaction between demand and supply of labour
D. Economy