JAMB and WAEC Economics questions

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All JAMB WAEC

Question 701· Theory of production· JAMB
Ten workers produce 200 units and eleven workers produce 215 units. The marginal product of the eleventh worker is
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Answer: D. 15
Explanation and discussion
Question 702· Theory of production· WAEC
Division of labour is limited by the
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Answer: C. size of the market
Explanation and discussion
Question 703· Theory of production· JAMB
Division of labour is limited mainly by the
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Answer: A. size of the market
Explanation and discussion
Question 704· Theory of production· WAEC
When marginal product is zero, total product is
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Answer: C. at its maximum
Explanation and discussion
Question 705· Theory of production· WAEC
Which of these activities is part of production in economics?
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Answer: D. transporting yams from the farm to the market
Explanation and discussion
Question 706· Theory of production· JAMB
A firm enjoys external economies of scale when
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Answer: B. the whole industry grows in an area
Explanation and discussion
Question 707· Theory of production· JAMB
Total product is 40 with 4 workers and 48 with 5 workers. The marginal product of the 5th worker is
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Answer: A. 8
Explanation and discussion
Question 708· Theory of production· WAEC
A farmer keeps adding workers to the same one-hectare plot until each extra worker adds less to output than the one before. This shows the law of
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Answer: B. diminishing returns
Explanation and discussion
Question 709· Theory of production· JAMB
Economies of scale that arise from the growth of the whole industry are
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Answer: B. external economies
Explanation and discussion
Question 710· Theory of production· JAMB
An example of an internal economy of scale is
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Answer: B. discounts from buying raw materials in bulk
Explanation and discussion
Question 711· Theory of production· JAMB
Diseconomies of scale cause long-run average cost to
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Answer: A. rise as the firm grows too large
Explanation and discussion
Question 712· Theory of production· WAEC
Three workers produce 33 units. What is the average product?
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Answer: B. 11
Explanation and discussion
Question 713· Theory of production· JAMB
Diseconomies of scale occur when
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Answer: B. average costs rise as a firm grows too large
Explanation and discussion
Question 714· Theory of supply· JAMB
A supply curve normally slopes upwards because
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Answer: C. higher prices make it profitable to produce more
Explanation and discussion
Question 715· Theory of supply· JAMB
An indirect tax imposed on a commodity shifts its supply curve
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Answer: C. upwards to the left
Explanation and discussion
Question 716· Theory of supply· WAEC
Which pair shows joint supply?
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Answer: A. beef and hides
Explanation and discussion
Question 717· Theory of supply· WAEC
An increase in the cost of fertiliser will shift the supply curve of maize
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Answer: A. to the left
Explanation and discussion
Question 718· Theory of supply· JAMB
The supply curve normally slopes
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Answer: B. upward from left to right
Explanation and discussion
Question 719· Theory of supply· WAEC
The law of supply states that, other things being equal,
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Answer: B. more is supplied at higher prices
Explanation and discussion
Question 720· Theory of supply· JAMB
When the price of a good rises by 10%, the quantity supplied rises by 25%. The price elasticity of supply is
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Answer: A. 2.5 (elastic)
Explanation and discussion

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JAMB and WAEC Economics questions

Ten workers produce 200 units and eleven workers produce 215 units. The marginal product of the eleventh worker is

Division of labour is limited by the

Division of labour is limited mainly by the

When marginal product is zero, total product is

Which of these activities is part of production in economics?

A firm enjoys external economies of scale when

Total product is 40 with 4 workers and 48 with 5 workers. The marginal product of the 5th worker is

A farmer keeps adding workers to the same one-hectare plot until each extra worker adds less to output than the one before. This shows the law of

Economies of scale that arise from the growth of the whole industry are

An example of an internal economy of scale is

Diseconomies of scale cause long-run average cost to

Three workers produce 33 units. What is the average product?

Diseconomies of scale occur when

A supply curve normally slopes upwards because

An indirect tax imposed on a commodity shifts its supply curve

Which pair shows joint supply?

An increase in the cost of fertiliser will shift the supply curve of maize

The supply curve normally slopes

The law of supply states that, other things being equal,

When the price of a good rises by 10%, the quantity supplied rises by 25%. The price elasticity of supply is