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631
BY definition, variable cost (VC) is related to total costs (TC) and fixed costs (FC) by the equation?
  • A. VC =TC + FC
  • B. VC = TC - FC
  • C. VC = TC/FC
  • D. VC = (TC)(FC)
View Answer & Discuss JAMB 1992
632
The higher the price of capital relative to the price of labour, the more production techniques should be?
  • A. labour-intensive
  • B. capital-intensive
  • C. fixed
  • D. technology-intensive
View Answer & Discuss (4) JAMB 1992
633
The U-shape of the long run average cost curve can be explained by the?
  • A. law of increasing returns
  • B. law of constant returns
  • C. law of diminishing returns
  • D. concepts of economies and diseconomies of scale
View Answer & Discuss (2) JAMB 1992
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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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634
The price mechanism is more effective in achieving efficient performance of the economy than the planning mechanism because of the?
  • A. role of supply and demand
  • B. role of material incentive
  • C. existence of buyers and sellers
  • D. role of money
View Answer & Discuss JAMB 1992
635
If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a?
  • A. fall in both quantity of demand and total revenue
  • B. fall in the quantity demanded and rise in total revenue
  • C. fall in the quantity demanded and rise in marginal revenue
  • D. rise in both the quantity demanded and the marginal revenue
View Answer & Discuss (1) JAMB 1992
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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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