Question 841:

• JAMB 1987

Which of the following best describes the concept of opportunity cost?

A. A special bargain or scale at below market price
B. Cost of input tends to go up as we use more of them
C. Goods that are not produced in order to produce more of another good
D. A cost that constantly decreases

Question 842:

• JAMB 1987

Market is defined as?

A. One geographical location where people meet to buy and sell
B. The demand and supply of goods and services
C. A group of people whose sole interest is to make profit
D. Any organizational framework which links the buyers and sellers of a good and service

Question 843:

• JAMB 1987

The additional revenue obtained by using one more unit of a factor is called its?

A. Marginal product
B. Additional product
C. Marginal revenue product
D. Average product

Question 844:

• JAMB 1987

Labour productivity is defined as?

A. Output per man/hour
B. Average output
C. The maximum number of hours worked
D. Total level of output

Question 845:

• JAMB 1987

Efficiency of labour is enhanced by?

A. Average Total Cost less the sum of Varriable Cost
B. Half the sum of all costs
C. Total Fixed Cost divided by the the level of output
D. Total Fixed Cost plus Marginal Cost