Jamb Economics 1988 Past Questions and Answers

Question 6:

• JAMB 1988

Air is essential to life but commands no price!
Diamond is not essential to life but commands a high?

A. Thrift
B. Value
C. Abundance
D. Scarcity

Question 7:

• JAMB 1988

The average product of labour in a given period is obtained by dividing the?

A. Number of workers by the total product
B. Total product by the number of hours actually worked
C. Change in total product by the change in the number of workers
D. Total product by the number of workers

Question 8:

• JAMB 1988

Development outside a given firm which reduce the firm costs are called?

A. Internal economies
B. External economies
C. External diseconomies
D. Optimum effects

Question 9:

• JAMB 1988

Which of the following BEST describes the production function?

A. It indicates best output to produce
B. It relates naira inputs to naira output
C. It relates physical outputs to physical inputs
D. It indicates the best way to combine factors to produce given output

Question 10:

• JAMB 1988

The law of Diminishing Returns begins to operate when?

A. Total product begins to rise
B. Total product begins to fall
C. Marginal product begins to fall
D. Marginal product begins to rise