Theory Of Costs And Revenue Jamb Economics Past Questions
Question 1
The money paid per hour for work done is_________
- A. cost
- B. salary
- C. bonus
- D. wage rate
Question 2
The most important cost curve for the firm is_________
- A. MC
- B. AC
- C. TC
- D. FC
Question 3
The demand for labour is a________
- A. Derived demand
- B. Joint demand
- C. Complementary demand
- D. Composite demand
Question 4
Consider the following figures which refer to a firm's production department during one week:
Wage bill ₦6,000, Rent, Rates, Depreciation ₦200, raw materials ₦800, Power ₦300.
Total variable costs incurred during the week are
- A. ₦7,300
- B. ₦7,100
- C. ₦1,300
- D. ₦1,100
Question 5
Given that TC = TFC + TVC and TR = AR x Q, profit is equal to
- A. (AR + Q) - TFC
- B. \(\frac{\text{(TFC + TVC)}}{Q}\)
- C. (AR x Q) - TC
- D. \(\frac{\text{(TC x Q)}}{AR}\)
