Concepts of production and their interrelationships - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 2018

The last link in the channel of distribution is____________

A. Producer
B. Retailer
C. Consumer
D. Wholesaler

Question 3:

• JAMB 2019

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640

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

A. N110
B. N120
C. N220
D. N330

Question 4:

• JAMB 2017

From the table above, the average product of the 3rd unit of labour is

A. 50
B. 70
C. 350
D. 150

Question 5:

• JAMB 2017

Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.
Calculate the average product (AP) of the 4th unit of labour.

A. 20
B. 13
C. 15
D. 10