The Theory of Production - Jamb Economics Past Questions and Answers

Question 76:

• JAMB 1989

If the cost of production for a firm continues to increase as it output rises, the firm is said to be experiencing?

A. Large-scale production
B. Profit maximization
C. Economies of scale
D. Diseconomies of scale

Question 77:

• JAMB 1989

The merging of firms engage in different stages of production and marketing is called?

A. External economies of scale
B. Vertical intergration
C. Horizontal intergration
D. Economic unoin

Question 78:

• JAMB 1989

which of the following is an important function of the retailer?

A. Grant credit to the wholesaler
B. Breaks bulk and sales product in small units
C. Reduces cost of distribution
D. Generates demand for production through advertisement

Question 79:

• JAMB 1989

One of the purposes of advertisement in marketing is to?

A. Change the quality of the product
B. Raise the quantity of the product demanded as its price falls
C. Shift the demand curve for the product to the right
D. Raise production cost

Question 80:

• JAMB 1989

A perfect example of a public good is?

A. Air
B. Education
C. Defence
D. Transport