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Economics Past Questions

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1156
The distinction between onshore and offshore operations in oil exploration lies in the
  • A. location of sites
  • B. output generated
  • C. size of production
  • D. techniques of production
View Answer & Discuss JAMB 2005
1157
Long-run production is called
  • A. diminsihing returns to scale
  • B. returns to scale
  • C. external economies of scale
  • D. economies of scale
View Answer & Discuss JAMB 2005
1158
For a firm to break even in the long run, the marginal cost curve must cut the
  • A. average variable cost curve at its higest point
  • B. average cost cure at its lowest point
  • C. average cost curve at its lowest point
  • D. total cost cure at its lowest point
View Answer & Discuss JAMB 2005
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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1159
An increase in the quantity supplied of commodity suggests
  • A. a leftward shift of the supply curve
  • B. a rightward shift of the supply curve
  • C. a movement along the supply curve
  • D. an increase in elasticity of supply
View Answer & Discuss (2) JAMB 2005
1160

An example of a long-run cost of a firm is

  • A. fuel and maintenace cost
  • B. the planned size of plant equipment
  • C. the existing size of plant and equipment
  • D. rent on buildings
View Answer & Discuss (4) JAMB 2005
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