Jamb Economics Past Questions For Year 1997
Question 16
The type of cost which has to be covered for a firm to continue production in the short-run is the?
- A. overhead cost
- B. fixed cost
- C. marginal cost
- D. average variable cost
Question 17
Labour productivity is the ratio of?
- A. labour to output
- B. man-hours to output
- C. output to man-hours
- D. average product to man-hours
Question 18
A form of business organization which is characterized by limited authority and liability of individual owners is the?
- A. sole proprietorship
- B. partnership
- C. joint stock company
- D. co-operative society
Question 19
The best channel of distribution of baked bread is through?
- A. wholesalers to retailers then to consumers
- B. direct sales to consumers
- C. wholesalers to consumers
- D. retailers to consumers
Question 20
A market where there are many differentiated products is called?
- A. monopoly
- B. perfect competition
- C. monopolistic competition
- D. oligopoly
