The Theory of Production - Jamb Economics Past Questions and Answers

Question 111:

• JAMB 2001

The long run is a period during which a firm?

A. Sells inputs to purchase fixed assets
B. Varies all its inputs
C. Sources all its inputs from within
D. Replaces all its inputs

Question 112:

• JAMB 2001

A production function relates?

A. Cost to output
B. Wages to profit
C. Cost to input
D. Output to input

Question 113:

• JAMB 2001

A major advantage of specialization and division of labour is that?

A. Time wastage will be minimized
B. Trade unions will be encouraged
C. There will be a ready market for labour
D. Workers will be adequately rewarded

Question 114:

• JAMB 2002

The benefits that accrue to a firm as a result of an improvement in the industry it belongs to are called?

A. Internal economies of scale
B. Economies of scale
C. Market economies
D. External economies

Question 115:

• JAMB 2002

In the diagram above, the marginal rate of substitution of X for Y, for a movement from S to T is

A. 13:3
B. 1:5
C. 18:4
D. 5:1