The Theory of Production - Jamb Economics Past Questions and Answers

Question 81:

• JAMB 1989

The group of people engaged in banking or insurance services by occupational distributions are classified as?

A. Primary producers
B. Secondary producers
C. Tertiary producers
D. Technical producers

Question 82:

• JAMB 1989

The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

A. 400
B. 500
C. 600
D. 700

Question 83:

• JAMB 1990

One of the major advantages of specialization is that?

A. The worker becomes a tenderer of machines
B. It causes more employment of labour
C. Less machinery is required for production
D. The worker wastes less time between operations

Question 84:

• JAMB 1990

Economics of scale operate only when?

A. Marginal cost is falling with input
B. Average cost is falling with output
C. Fixed cost is variable
D. Variable cost is less than fixed cost

Question 85:

• JAMB 1990

A situation in which all inputs are doubled and output also doubles is known as?

A. Constant proportions
B. Constant returns
C. Increasing returns to scale
D. Constant returns to scale