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Economics 1994 JAMB Past Questions

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11
In the long run, all production factors are?
  • A. fixed
  • B. semi fixed
  • C. variable
  • D. semi-variable
View Answer & Discuss (1) JAMB 1994
12
A company's expenditure on raw materials is regarded as?
  • A. explicit cost
  • B. implicit cost
  • C. prime cost
  • D. average cost
View Answer & Discuss (1) JAMB 1994
13
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
  • A. always reflects the cost of labour
  • B. reflects the variable, but not the fixed cost of production
  • C. does not rise above variable costs
  • D. is determined by the cost of production and the current rate of inflation
View Answer & Discuss JAMB 1994
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14
A firm determines its profit when it studies its?
  • A. Marginal Cost
  • B. Average Cost
  • C. Total Cost
  • D. Average Cost relative to price in the market
View Answer & Discuss JAMB 1994
15
An increase in the supply of labour in a factory while other things remain equal will lead to?
  • A. an increase in the wage rate and an increase in the number of people employed
  • B. a decreased in the wage rate and a decrease in employment
  • C. an increase in the wage rate and an decrease in the employment
  • D. a decrease in the wage rate and an increase in employment
View Answer & Discuss JAMB 1994
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