Jamb Economics 1986 Past Questions and Answers

Question 6:

• JAMB 1986

The degree of specialization is limited by the

A. Avalibility of specialized skills and machinery
B. Marginal cost exceeding marginal revenue
C. Extent of the market
D. Disadvantage of standardization

Question 7:

• JAMB 1986

Production in Economics can be defined as the

A. Totality of producing, buying and consuming
B. Transformation of raw materials and services in order to provide ultimate utility
C. Transformation of raw materials and services in order to make maximum profit
D. Production of goods and services for consumption

Question 8:

• JAMB 1986

A firm achieves least cost in production by substituting factors until

A. Their factor prices are equal
B. Their marginal-physical products are each equal to their factor prices
C. Their marginal-physical products are each zero
D. The ratio of their marginal-physical products equals the ratio of their prices

Question 9:

• JAMB 1986

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

A. Rent
B. Profit
C. Interest
D. Surtax income

Question 10:

• JAMB 1986

Mobility of labour is NOT affected by

A. Optimum size of population
B. Marriage and family
C. Regulation of trade unions
D. Period of training