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Economics 2022 JAMB Past Questions

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1

Marginal cost is?

  • A. the lowest cost of producing goods
  • B. the cost of production of the most efficient firm in an industry
  • C. the cost of production of the most inefficient firm in an industry
  • D. the cost of production of the last or extra unit of goods produced by a firm
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2

The price mechanism 

  • A. regulates supply and demand
  • B. rations the consumers
  • C. rewards the producers
  • D. allocates scarce resources
  • E. does all of the above
View Answer & Discuss (3) JAMB 2022
3

In a free market economy, the rationing of scarce goods is done principally by?

  • A. the government
  • B. business organizations
  • C. the price mechanism
  • D. consumers
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4

Scale of preference shows

  • A. incomes of consumers in order of size
  • B. utilities enjoyed by consumers
  • C. opportunity cost of goods consumed
  • D. consumer's wants in order of priority
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5

There is unemployment of resources when production is

  • A. within the production possibility curve
  • B. outside the production possibility curve
  • C. along the production possibility curve
  • D. adequate to meet market demand
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WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC offline past questions - with all answers and explanations in one app - Download for free
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208