Producers equilibrium - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2015

Isocost and isoquant can be attributed to

A. Theory of consumer behaviour
B. Theory of cost
C. Theory of production
D. Theory of value

Question 7:

• JAMB 1982

A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?

A. Profit maximization
B. Large-scale production
C. A wind fall
D. Government subsidies
E. Economies of scale

Question 8:

• JAMB 1984

A rightward shift in the production possibility frontier may be due to

A. Use of inferior inputs
B. Inefficiency
C. Improvement in production techniques and practices
D. Changes in the product mix
E. Changes in consumer's tastes and preferences

Question 9:

• JAMB 1986

A producer sustains a loss in the short run if

A. Marfinal revenue is less than price
B. Price is less than average cost
C. Average variable cost is less than average cost
D. Marginal cost is less than marginal revenue

Question 10:

• JAMB 1987

A production possibility curve shows?

A. How much of the resources of society are used to produce a particular commodity
B. The rate of inflation
C. The rate of unemployment in the economy
D. The various combinations of two commodities that can be produced