Jamb Economics Past Questions For Year 2022
Question 1
Marginal cost is?
- A. the lowest cost of producing goods
- B. the cost of production of the most efficient firm in an industry
- C. the cost of production of the most inefficient firm in an industry
- D. the cost of production of the last or extra unit of goods produced by a firm
Question 2
A major characteristic of natural resources is they
- A. are unlimited in supply
- B. have high cost of production
- C. are free gifts of nature
- D. do not command any price
Question 3
There is unemployment of resources when production is
- A. within the production possibility curve
- B. outside the production possibility curve
- C. along the production possibility curve
- D. adequate to meet market demand
Question 4
Scale of preference shows
- A. incomes of consumers in order of size
- B. utilities enjoyed by consumers
- C. opportunity cost of goods consumed
- D. consumer's wants in order of priority
Question 5
In a free market economy, the rationing of scarce goods is done principally by?
- A. the government
- B. business organizations
- C. the price mechanism
- D. consumers
