Concepts Of Cost Jamb Economics Past Questions
Question 21
The shares that must be redeemed first at liquidation of a company are?
- A. preference shares
- B. non-voting ordinary shares
- C. ordinary shares
- D. debentures
Question 22
The short-run period in production is defined as a period when?
- A. there is at least one fixed factor
- B. all costs of production must be covered
- C. the output cannot be varied
- D. current output is not profitable
Question 23
In a textile factory, the cost of cotton used is a typical example of
- A. an average cost
- B. a variable cost
- C. a fixed cost
- D. a total cost
Question 24
The residual of production which accrues to the owner of land after all other expenses have been met is called?
- A. wages
- B. rent
- C. interest
- D. profit
Question 25
Capital consumption allowance refers to?
- A. personal consumption expenditure
- B. indirect business taxes
- C. depreciation of capital equipment
- D. expenditure on capital equipment
