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356
Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?
  • A. Variable cost
  • B. opportunity cost
  • C. Total cost
  • D. Prime cost
View Answer & Discuss (1) JAMB 1986
357

Under normal circumstances, the concept of consumers sovereignty implies that

  • A. the consumer and not the producer owns the means of production
  • B. the producer and not the consumer determines what is to be produced
  • C. the consumer and not the producer determines what is to be produced
  • D. both the consumer and the producer determines what should be produced
View Answer & Discuss (5) JAMB 1986
358
A firm is at its optimum size when?
  • A. it produce the greatest output at a minimum cost
  • B. it has a motive to increase output
  • C. marginal cost equals marginal revenue
  • D. marginal cost is less than marginal revenue
View Answer & Discuss JAMB 1986
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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359
The degree of specialization is limited by the
  • A. avalibility of specialized skills and machinery
  • B. marginal cost exceeding marginal revenue
  • C. extent of the market
  • D. disadvantage of standardization
View Answer & Discuss (5) JAMB 1986
360
Production in Economics can be defined as the
  • A. totality of producing, buying and consuming
  • B. transformation of raw materials and services in order to provide ultimate utility
  • C. transformation of raw materials and services in order to make maximum profit
  • D. production of goods and services for consumption
View Answer & Discuss (8) JAMB 1986
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