2022 - JAMB Economics Past Questions and Answers - page 3
In manufacturing, division of labour may be hindered by
excessive demand for the product
low level of technology
excess supply of labour
increase in the export of goods
The production cost that varies inversely with output is the
total fixed cost
marginal cost
average fixed cost
average cost
A firm that closes down will still incur
variable cost
fixed cost
total cost
marginal cost
The sufficient condition for a firm to be in equilibrium is that the
firm must show that it is profitable
marginal cost must be equal to average revenue
marginal revenue curve is above the average revenue curve
marginal cost curve cuts the marginal revenue curve from below
Cooperative societies are formed mainly to
assist producers to maximize their profits
encourage thrift and credit among members
promote and maintain the welfare of members
break the monopolies of private companies
A disadvantage of a jont-stock company is
unlimited liability
limited liability
lack of continuity when a shareholder dies
limited control in management by shareholders
The middlemen is responsible for
providing research facilities
purchasing raw materials
designing the product
breaking the bulk
A major function of the retailer is to
grant credit to the wholesaler
break bulk and sell products in small units
reduce cost of distribution
generate demand for products through advertisement
A positive effect of a rapid population increase is
an excessive budget deficit
a reduction in standard of living
a wider market for goods and services
a higher dependency ratio
Which of the following factors may not affect the efficiency of labour?
Education and training
Provision of welfare service
Race and colour of workforce
Quality of other factor inputs