JAMB and WAEC Economics questions

745 questions with answers and explanations. Tap an option to check yourself.

All JAMB WAEC

Question 581· Theory of costs and revenue· WAEC
Costs that do not change with the level of output are
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Answer: A. fixed costs
Explanation and discussion
Question 582· Theory of costs and revenue· WAEC
Which of these is a variable cost to a factory?
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Answer: C. cost of raw materials
Explanation and discussion
Question 583· Theory of costs and revenue· JAMB
Which of the following is a fixed cost to a factory?
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Answer: A. rent on the factory building
Explanation and discussion
Question 584· Theory of costs and revenue· JAMB
Costs that change as output changes are called
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Answer: A. variable costs
Explanation and discussion
Question 585· Theory of costs and revenue· WAEC
Marginal cost is
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Answer: A. the addition to total cost from producing one more unit
Explanation and discussion
Question 586· Theory of costs and revenue· JAMB
Total cost is ₦9,000 when output is 300 and total fixed cost is ₦6,000. Average variable cost is
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Answer: C. ₦10
Explanation and discussion
Question 587· Theory of costs and revenue· WAEC
A firm sells 50 units at ₦400 each. What is its total revenue?
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Answer: A. ₦20,000
Explanation and discussion
Question 588· Theory of costs and revenue· JAMB
A profit-maximising firm produces where
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Answer: B. marginal cost equals marginal revenue
Explanation and discussion
Question 589· Theory of costs and revenue· JAMB
For a firm in perfect competition, average revenue is equal to
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Answer: C. the price of the product
Explanation and discussion
Question 590· Theory of costs and revenue· WAEC
A firm's total cost is ₦5,000 for 10 units and ₦5,450 for 11 units. Find the marginal cost of the 11th unit.
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Answer: D. ₦450
Explanation and discussion
Question 591· Theory of costs and revenue· WAEC
A firm's total cost rises from ₦500 to ₦560 when output rises from 10 to 11 units. Its marginal cost is
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Answer: C. ₦60
Explanation and discussion
Question 592· Theory of costs and revenue· WAEC
If a firm's total cost of producing 10 units is ₦500 and of producing 11 units is ₦540, the marginal cost of the 11th unit is
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Answer: C. ₦40
Explanation and discussion
Question 593· Theory of costs and revenue· WAEC
Rent paid on a factory building is an example of
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Answer: C. fixed cost
Explanation and discussion
Question 594· Theory of costs and revenue· JAMB
Average revenue is equal to
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Answer: D. price
Explanation and discussion
Question 595· Theory of costs and revenue· WAEC
Total cost rises from ₦12,000 to ₦12,800 when output increases from 40 to 50 units. The marginal cost per unit is
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Answer: A. ₦80
Explanation and discussion
Question 596· Theory of costs and revenue· JAMB
Average fixed cost
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Answer: D. falls continuously as output rises
Explanation and discussion
Question 597· Theory of costs and revenue· JAMB
The long-run average cost curve is typically
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Answer: C. U-shaped
Explanation and discussion
Question 598· Theory of costs and revenue· JAMB
A firm's total cost of producing 50 units is ₦500. Find the average cost.
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Answer: B. ₦10
Explanation and discussion
Question 599· Theory of costs and revenue· JAMB
Average fixed cost falls continuously as output rises because
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Answer: A. the same fixed cost is spread over more units
Explanation and discussion
Question 600· Theory of costs and revenue· WAEC
A firm's fixed cost is ₦5,000 and variable cost for 100 units is ₦15,000. The average total cost is
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Answer: A. ₦200
Explanation and discussion

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JAMB and WAEC Economics questions

Costs that do not change with the level of output are

Which of these is a variable cost to a factory?

Which of the following is a fixed cost to a factory?

Costs that change as output changes are called

Marginal cost is

Total cost is ₦9,000 when output is 300 and total fixed cost is ₦6,000. Average variable cost is

A firm sells 50 units at ₦400 each. What is its total revenue?

A profit-maximising firm produces where

For a firm in perfect competition, average revenue is equal to

A firm's total cost is ₦5,000 for 10 units and ₦5,450 for 11 units. Find the marginal cost of the 11th unit.

A firm's total cost rises from ₦500 to ₦560 when output rises from 10 to 11 units. Its marginal cost is

If a firm's total cost of producing 10 units is ₦500 and of producing 11 units is ₦540, the marginal cost of the 11th unit is

Rent paid on a factory building is an example of

Average revenue is equal to

Total cost rises from ₦12,000 to ₦12,800 when output increases from 40 to 50 units. The marginal cost per unit is

Average fixed cost

The long-run average cost curve is typically

A firm's total cost of producing 50 units is ₦500. Find the average cost.

Average fixed cost falls continuously as output rises because

A firm's fixed cost is ₦5,000 and variable cost for 100 units is ₦15,000. The average total cost is