Question 646:

• JAMB 1983

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

A. The productivity of labour
B. The law of diminishing marginal utility
C. The law diminishing returns
D. The concept of factor intensity
E. Labour intensive production

Question 647:

• JAMB 1983

A Nigerian household's demand curve for semovita is downward because?

A. The demand for semovita is high
B. The loal markets are flooded with semovita
C. It is produced in Nigeria
D. Every household can afford to buy semovita
E. Higher prices attract lower quantities while lower prices attract larger quantities

Question 648:

• JAMB 1983

Marginal cost curve intersects average cost curve ?

A. From above at its lowest point
B. From below before the lowest point
C. From below at its lowest point
D. From below after the lowest point
E. At zero point

Question 649:

• JAMB 1983

Palm oil industry is located in Bendel State because the State?

A. Imports raw material for palm oil Industry
B. Is a palm tree growing area
C. Soil is unsuitable for other crops
D. Government does engage land for other crops
E. Land is suitable for oil

Question 650:

• JAMB 1983

The meaning of ‘wage-price spiral’ is?

A. Demand pull and cost push inflation pulling each other in different director
B. Demand pull and cost push inflation intensifying each other
C. Both of them bringing about a reduction in the price level
D. That demand pull and cost push inflation increases employment
E. That wages and prices are rising at a proportional rate