The Theory of Production - Jamb Economics Past Questions and Answers

Question 66:

• JAMB 1987

In the operation of market forces, the market is in equilibrium at the point where?

A. Demand and supply curve intersect in more than one point provided the market is cleared
B. The excess in market can be conveniently stored
C. Excess demand is negative
D. Demand and supply curves intersect

Question 67:

• JAMB 1987

To which of the following sectors do services belong?

A. Primary
B. Secondary
C. Tertiary
D. Construction

Question 68:

• 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 69:

• 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 70:

• 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