The Theory of Production - Jamb Economics Past Questions and Answers

Question 61:

• JAMB 1986

Which of the following is an external economy derived by a firm?

A. Low cost opportunities enjoyed by being in a place where other producers concentrate
B. Technical economics enjoyed by varying the factors of production
C. Economics of management by putting administrators where the are most efficient
D. Marketing advantages attained through preferential treatment in the purchase and distribution of produce

Question 62:

• JAMB 1987

A production possibility curve shows?

A. How much of the resources of society are used to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in the economy
D. The various combinations of two commodities that can be produced

Question 63:

• JAMB 1987

A production possibility curve shows?

A. How much of the resources of society are used to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in the economy
D. The various combinations of two commodities that can be produced

Question 64:

• 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 65:

• JAMB 1987

In the history of Economic Thought the concept of Division of labour is usually associated with?

A. David Richardo
B. J.M. Keynes
C. Adam Smith
D. Karl Marx