Production Functions And Returns To Scale - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 2015

The technical relationship between the physical inputs and the physical outputs of a firm is

A. Utility
B. Cost
C. Demand
D. Production function

Question 7 :

• JAMB 1983

Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?

A. One unit of shelter
B. Three units of shelter
C. One third of a unit of shelter
D. Six units of shelter
E. Two units of shelter

Question 8 :

• JAMB 1988

The assumption of profit maximization implies profit?

A. Is the most important consideration of the firm
B. Is the sole consideration of the firm
C. Assumes an insatiable propotion in the instinct of management
D. Is made in other to break-even

Question 9 :

• JAMB 1991

If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?

A. Increasing returns to the variable factor
B. Increasing returns to scale
C. Constant returns to variable factor
D. External economies of scale

Question 10 :

• JAMB 1994

The diagram represents a production function. At which of the points does diminishing returns set in

A. I
B. J
C. K
D. L