Concepts Of Production And Their Interrelationships - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 2016

The additional cost incurred by producing an additional unit of output is known as

A. Fixed cost
B. Total cost
C. Average cost
D. Marginal cost

Question 7 :

• JAMB 2016

If additional unit of a variable factor input causes a fall in the marginal product, this implies that

A. Total product starts declining
B. Average product has become zero
C. Diminishing returns has set in
D. Increasing returns is operating

Question 8 :

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\
\hline
1 & 25 \\
\hline
2 & 31 \\
\hline
3 & 40 \\
\hline
4 & 48 \\
\hline
5 & 55 \\
\end{array}\)


The marginal product at the fifth variable factor is

A. 7
B. 6
C. 5
D. 9

Question 9 :

• JAMB 2015

\(\begin{array}{c|c}
\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\
\hline
0 & 10 & - & - & - \\
\hline
1 & 10 & 10 & 10 & 10 \\
\hline
2 & 10 & 25 & ? & 15 \\
\hline
3 & 10 & 50 & 16.7 & 25 \\
\hline
4 & 10 & 80 & 20.0 & 30 \\
\hline
5 & 10 & 106 & 21.2 & 26 \\
\end{array}\)

Calculate the average product when the 2nd labour was employed 12.5

A. 12.5
B. 12
C. 15
D. 10

Question 10 :

• JAMB 1979

Production covers all but one of the following activities:

A. Changing the position of a good in time as, for example, holding stock of goods until they are required
B. The provision of some kind of service e.g retailing
C. Changing the form of a good from the raw material to the finished product
D. Changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
E. The use of good and services to satisfy individual wants