Courses » JAMB » JAMB Economics » Economics Exam Topics » 2022 - Questions and Answers

2022 - JAMB Economics Past Questions and Answers - page 3

21

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

Ask EduPadi AI for a Detailed Answer
22

The production cost that varies inversely with output is the

A

total fixed cost

B

marginal cost

C

average fixed cost

D

average cost

Ask EduPadi AI for a Detailed Answer
23

A firm that closes down will still incur

A

variable cost

B

fixed cost

C

total cost

D

marginal cost

Ask EduPadi AI for a Detailed Answer
24

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

Ask EduPadi AI for a Detailed Answer
25

Cooperative societies are formed mainly to

A

assist producers to maximize their profits

B

encourage thrift and credit among members

C

promote and maintain the welfare of members

D

break the monopolies of private companies

Ask EduPadi AI for a Detailed Answer
26

A disadvantage of a jont-stock company is

A

unlimited liability

B

limited liability

C

lack of continuity when a shareholder dies

D

limited control in management by shareholders

Ask EduPadi AI for a Detailed Answer
27

The middlemen is responsible for

A

providing research facilities

B

purchasing raw materials

C

designing the product

D

breaking the bulk

Ask EduPadi AI for a Detailed Answer
28

A major function of the retailer is to

A

grant credit to the wholesaler

B

break bulk and sell products in small units

C

reduce cost of distribution

D

generate demand for products through advertisement

Ask EduPadi AI for a Detailed Answer
29

A positive effect of a rapid population increase is

A

an excessive budget deficit

B

a reduction in standard of living

C

a wider market for goods and services

D

a higher dependency ratio

Ask EduPadi AI for a Detailed Answer
30

Which of the following factors may not affect the efficiency of labour?

A

Education and training

B

Provision of welfare service

C

Race and colour of workforce

D

Quality of other factor inputs

Ask EduPadi AI for a Detailed Answer
Please share this, thanks: