Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
The optimal range of output for a perfectly competitive firm is
AC is lowest
AVC is lowest
MC is rising
MC is falling
Correct answer is D
The key goal for a perfectly competitive firm in maximizing its profits is to calculate the optimal level of output at which its Marginal Cost (MC) = Market Price (P). Output will be optimal where MC is falling.
The median of an odd-numbered set of scores is the
Middle value in the set
Highest value in the set
Arithmetic means of the set
Most frequent occuring score
Correct answer is A
The median is the middle number in a sorted, ascending or descending, list of numbers.
Individual markets differ from each other according to
The degree of competition
The volume of trade
The number of buyers
It's composition
Correct answer is A
No explanation has been provided for this answer.
One of the factors affecting the supply of manufactured goods is
Weather
Technology
Consumer tastes
Availability of inputs
Correct answer is B
The following are Some of the factors that influence the supply of a product
Use the information below to answer this question.
30
22
12
8
Correct answer is B
Given that Qd = 20 - 4P and Qs = 6P + 12
To solve for excess supply, we will have to substitute '3p'' into both sides of the equation. Hence we have;
Qd = 20 - 4(3) and Qs = 6(3) + 12
20 - 12 = 8
18 + 12 = 30
30 - 8 = 22