Economics 1991 JAMB Past Questions

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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

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

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?

A. 1.25
B. 0.80
C. 0.50
D. 0.40

View Answer & Discuss (4) JAMB 1991

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If a society is operating on the production possibility curve, this implies that the resources are?

A. fully and efficiently utilized
B. fully but inefficiently utilized
C. efficiently but not fully utilized
D. abundant

View Answer & Discuss JAMB 1991

A market is in disequilibrium if?

A. the quantity purchased is greater than quantity sold
B. the quantity sold differs from the quantity purchased
C. at a lower price, a large quantity is sold
D. the quantity demand differs from the quantity supplied

View Answer & Discuss JAMB 1991

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Economics 1991 JAMB Past Questions

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