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    Home MCQ examination Jamb Economics 2010

    Economics 2010 Jamb Examination

    Economics 2010 Jamb Examination
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    Question 31

    A firm enjoying economies of scale is said to be
    Show explanation Expand Question
    Economies of scale mean that as output increases, the firm's average cost per unit falls due to efficiencies like specialization, bulk buying, and better use of resources.
    Not clear enough?

    Question 32

    The rising portion of the long-run average cost curve of a firm is an indication that it is experiencing
    Show explanation Expand Question
    When the long-run average cost (LRAC) curve rises, the firm is facing diseconomies of scale, meaning further expansion leads to higher average costs due to inefficiencies such as coordination problems.
    Not clear enough?

    Question 33

    An industry's supply curve is more likely to be elastic when firms are
    Show explanation Expand Question
    When there is free entry and exit of firms, supply can adjust quickly to changes in price, making the supply curve more elastic in the long run.
    Not clear enough?

    Question 34

    If a consumer plans to spend 120k on four oranges but spent 80k, his consumer surplus is
    Show explanation Expand Question
    Consumer surplus = planned spending − actual spending.

    Planned = 120k ÷ 4 = 30k per orange.
    Actual = 80k ÷ 4 = 20k per orange.
    Surplus per orange = 10k.
    In naira, this translates to N0.40 per orange.
    Not clear enough?

    Question 35

    A set of factors that can shift the supply curve are changes in
    Show explanation Expand Question
    Supply is influenced by production conditions. Technology improvements, favorable or unfavorable weather, and changes in population (affecting resource availability) shift the supply curve.
    Not clear enough?

    Question 36

    If the coefficient of price elasticity of supply is greater than one, the supply is said to be
    Show explanation Expand Question
    Elasticity > 1 means a small change in price causes a more than proportionate change in quantity supplied. This is called fairly elastic supply.
    Not clear enough?

    Question 37

    If commodity X is a by-product of commodity Y, this implies that both commodities are
    Show explanation Expand Question
    By-products are goods produced together from the same process. This means they are jointly supplied, not substitutes or composite goods.
    Not clear enough?

    Question 38

    In perfect competition, price is determined by the
    Show explanation Expand Question
    Under perfect competition, no single buyer or seller controls the price. Instead, market forces of demand and supply determine the price.
    Not clear enough?

    Question 39

    If the demand for a good is more elastic than its supply, the tax burden is borne
    Show explanation Expand Question
    When demand is elastic, consumers can easily switch to substitutes if price rises. Thus, producers bear more of the tax burden since they cannot shift much of it onto consumers.
    Not clear enough?

    Question 40

    If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
    Show explanation Expand Question
    For elastic demand, an increase in price reduces total revenue because the percentage fall in quantity demanded outweighs the percentage rise in price.
    Not clear enough?
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