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.
A major source of finance to the Railway Corporation in West African countries is______
Sale of shares
Government subvention
Trade credit
Surplus
Correct answer is B
No explanation has been provided for this answer.
Is above the average revenue curve
Slopes down to the right and is below the AR curve
And the AR curve are downward sloping and are identical
Is vertical while the average revenue curve is horizontal
Correct answer is B
No explanation has been provided for this answer.
The law of diminishing returns is applicable to the__________
Fixed inputs of production
Variable factors of production
Plants and machinery of the firm
Equipment and other capital
Correct answer is B
No explanation has been provided for this answer.
The output of an extra unit of an input is referred to as_______
Output of the input
Marginal product of the input
Average product of the input
Utility of the input employed
Correct answer is B
The marginal product of an input is the extra output that results from adding one unit of the input to the existing combination of productive factors.
$1.50
$15.00
$150.03
$166.67
Correct answer is B
No explanation has been provided for this answer.