Meaning And Types Of Production - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 1985

The act of combining factor inputs in order to obtain specific output is known as

A. Factor procurement
B. Manufacturing
C. Investment
D. Industrialization
E. Production

Question 7 :

• JAMB 1986

Production in Economics can be defined as the

A. Totality of producing, buying and consuming
B. Transformation of raw materials and services in order to provide ultimate utility
C. Transformation of raw materials and services in order to make maximum profit
D. Production of goods and services for consumption

Question 8 :

• JAMB 1987

To which of the following sectors do services belong?

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

Question 9 :

• JAMB 1989

Efficiency in production involves?

A. Reducing the size of the workforce
B. Producing a given output with the lowest cost combination of factors of production
C. Adoption of capital-intensive technology
D. Increasing the quantity of the fixed factor of production

Question 10 :

• 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