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Economics 2021 JAMB Past Questions

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1

A firm is at its optimum size when ___________

  • A. It has a motive to increase output
  • B. It produces the greatest output at a minimum cost
  • C. Marginal cost equals marginal revenue
  • D. Marginal cost is less than marginal revenue
View Answer & Discuss JAMB 2021
2

Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________

  • A. 100 days
  • B. 30 days
  • C. 90 days
  • D. 14 days
View Answer & Discuss (4) JAMB 2021
3

The petro-chemical industries are located in Rivers State of Nigeria due to ________

  • A. Coal deposit
  • B. Palm oil products
  • C. Favourable soil
  • D. Oil deposits
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4
Units of Quality Consumes Total Utility Marginal Utility

0

1

2

3

4

5

-

10

15

17

18

18

-

10

5

2

1

0

This table illustrates the law of _________

  • A. Increasing returns
  • B. Diminishing returns
  • C. Diminishing marginal utility
  • D. Increasing total utility
View Answer & Discuss (3) JAMB 2021
5

Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________

  • A. Monopoly
  • B. Oligopoly
  • C. Monopolistic competition
  • D. Perfect competition
View Answer & Discuss (5) JAMB 2021
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