Economics Practice Test – Theory of Cost and Revenue

Hello and Welcome to Economics Practice Test - Theory of Cost and Revenue

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible.
1. 



If the price per unit is N2, what is the average revenue when 6 men are employed? (JAMB 2006)

A. N11   B. N10  C. N2  D. N3

2. 



What is the unit price of the firm’s output? (WASSCE 2019)

A. $10.00    B. $2.70   C. $2.00   D. $1.70

3. 


Given that the total fixed cost #1000 total variable cost #2500 and the output, 100 units. Find the average cost of producing one unit. (JAMB 1999)

A. #60   B. #45   C. #35   D. #30

4. 



At 60 units of output, the AVC is ______ (JAMB 2003)

A. #2.50  B. #1.50  C. #90.00  D. #150.00

5. 


Rent and administrative expenses are examples of _______ (JAMB 2014)

A. variable costs
B. average fixed costs
C. average variable costs
D. fixed cost

 

 

error: Content is protected !!