Concepts Of Cost Jamb Economics Past Questions
Question 1
The additional cost incurred by producing an additional unit of output is known as
- A. Fixed cost
- B. Total cost
- C. Average cost
- D. Marginal cost
Question 2
A company's expenditure on raw materials is termed as_______?
- A. Prime cost
- B. Explicit cost
- C. Average cost
- D. Implicit cost
Question 3
From this diagram, the minimum wage OW will lead to
- A. full employment of resources
- B. unemployment
- C. inflation
- D. full employment of factors of production
Question 4
Rent and administrative expenses are examples of
- A. average fixed costs
- B. average variable costs
- C. fixed costs
- D. variable costs
Question 5
The reward on machinery and equipment in the process of production is known as
- A. profit
- B. interest
- C. rent
- D. wages
