The Theory of Production - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

The shape of the production possibility frontier is determined by the_________

A. Law of returns to scale
B. Law of diminishing returns
C. Factors of productions
D. Technology

Question 2:

• JAMB 2019

The sector which contribute highly to the economy is___________

A. Primary sector
B. Secondary sector
C. Tertiary sector
D. Education sector

Question 3:

• JAMB 2018

External economies arises essentially from__________

A. A firm's individual policies
B. Localisation of industry
C. Government economic policy
D. Free transferability of shares

Question 4:

• JAMB 2018

Which of the following persons is engaged in "Secondary Production"?
I - a bricklayer
II - an automobile assembly-line worker
III - an accountant
IV - a cinema projectionist

A. I only
B. I, II
C. II, III
D. I, II, III, IV

Question 5:

• JAMB 2018

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

A. P - C
B. P + C
C. PC
D. P/C