The Theory of Production - Jamb Economics Past Questions and Answers

Question 121:

• JAMB 2005

In a car assembly plant, division of labour is demonstrated by

A. Assigning each worker to a specific activity
B. Assigning each worker a given number to produce
C. Increasing the daily output
D. Producing a specific model

Question 122:

• JAMB 2005

The technical relationship between input combination and maximum attainable output is called

A. A production function
B. An indifference curve
C. An isocost
D. An isoquant

Question 123:

• JAMB 2005

In economics, production takes place only when

A. Producers sell to retailers
B. Value has been added to a commodity
C. Modern equipment is used
D. Consumption has taken place

Question 124:

• JAMB 2006

Mobility of labour is higher when there

A. Is a monopoly of jobs in one location
B. Is intense competition for jobs in the same location
C. Are alternative jobs in the same location
D. Are no alternative jobs in the same location

Question 125:

• JAMB 2006

A point P, the marginal rate of substitution is

A. Less than one
B. Greater than one
C. Zero
D. Unity