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Economics Past Questions

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
586
A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.
  • A. The five naira she spent on the book
  • B. Five naira real cash value
  • C. the mirror
  • D. The book
View Answer & Discuss (6) JAMB 1991
587
Macroeconomics is a study of economics science from the point of view of?
  • A. resource markets or production units
  • B. individual producers or consumers
  • C. aggregate or general economy
  • D. companies or individual firms
View Answer & Discuss (3) JAMB 1991
588
If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
  • A. increasing returns to the variable factor
  • B. increasing returns to scale
  • C. constant returns to variable factor
  • D. external economies of scale
View Answer & Discuss (2) JAMB 1991
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
589
At any given level of output, the total cost of a firm equals the?
  • A. marginal cost plus the average cost
  • B. fixed costs less its varriable cost
  • C. average cost multiplied by variable costs
  • D. economic costs multiplied by variable costs
View Answer & Discuss (3) JAMB 1991
590
At any given level of output, a firm's total variable cost equals ?
  • A. total cost less marginal cost
  • B. total cost less total fixed costs
  • C. total cost less average cost
  • D. average variable cost and marginal cost
View Answer & Discuss (1) JAMB 1991
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