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NECO offline past questions - All questions, answers & explanations in one app 25712

Economics 2022 JAMB Past Questions

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NECO offline past questions - All questions, answers & explanations in one app 25712
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
21

In manufacturing, division of labour may be hindered by

  • A. excessive demand for the product
  • B. low level of technology
  • C. excess supply of labour
  • D. increase in the export of goods
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22

The production cost that varies inversely with output is the

  • A. total fixed cost
  • B. marginal cost
  • C. average fixed cost
  • D. average cost
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23

A firm that closes down will still incur

  • A. variable cost
  • B. fixed cost
  • C. total cost
  • D. marginal cost
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO offline past questions - All questions, answers & explanations in one app 25712
24

The sufficient condition for a firm to be in equilibrium is that the

  • A. firm must show that it is profitable
  • B. marginal cost must be equal to average revenue
  • C. marginal revenue curve is above the average revenue curve
  • D. marginal cost curve cuts the marginal revenue curve from below
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25

Cooperative societies are formed mainly to

  • A. assist producers to maximize their profits
  • B. encourage thrift and credit among members
  • C. promote and maintain the welfare of members
  • D. break the monopolies of private companies
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