The Theory of Production - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2018

The last link in the channel of distribution is____________

A. Producer
B. Retailer
C. Consumer
D. Wholesaler

Question 7:

• JAMB 2019

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

A. R
B. S
C. T
D. V

Question 8:

• JAMB 2019

In the history of economics the concept of division of labour is usually associated With______________-

A. Karl Marx
B. Adam Smith
C. David Ricardo
D. J.M Keynes

Question 9:

• JAMB 2019

From the diagram shown, the optional point of production is_____________?

A. R
B. T
C. S
D. U

Question 10:

• JAMB 2019

From the graph above the consumer will attain equilibrium at point_______________

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