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Economics 1990 JAMB Past Questions

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6
Economics of scale operate only when?
  • A. marginal cost is falling with input
  • B. average cost is falling with output
  • C. fixed cost is variable
  • D. variable cost is less than fixed cost
View Answer & Discuss JAMB 1990
7
At the point of profit maximization by a firm, marginal cost is?
  • A. minimum
  • B. falling
  • C. constant
  • D. rising
View Answer & Discuss JAMB 1990
8
A situation in which all inputs are doubled and output also doubles is known as?
  • A. constant proportions
  • B. constant returns
  • C. increasing returns to scale
  • D. constant returns to scale
View Answer & Discuss (1) JAMB 1990
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9
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continuously, his?
  • A. total utility must fall
  • B. marginal utility must fall
  • C. marginal utility may rise even though his total utility is falling
  • D. marginal utility may fall even though his total utility may be rising
View Answer & Discuss JAMB 1990
10
Technical progress that leads to a reduction in costs results in?
  • A. an increase in equilibrium price and quantity
  • B. a decrease in equilibrium price and quantity
  • C. an increase in equilibrium price and decrease in equilibrium quantity
  • D. a decrease in equilibrium price and increase in equilibrium quantity
View Answer & Discuss JAMB 1990
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