The Theory of Production - Jamb Economics Past Questions and Answers

Question 131:

• JAMB 2008

The production possibility curve can be used to explain the underlying concepts of

A. Scale of preference and choice
B. Opportunity cost and choice
C. Wants and means
D. Opportunity cost and scale of preference

Question 132:

• JAMB 2009

Production takes place when

A. Output is transformed into input
B. Machines replace human effort
C. Input is transformed into output
D. There is specialization and division of labour

Question 133:

• JAMB 2009

Which of the following can be deduced from the law of variable proportions when total output is rising?

A. MP is greater than AP
B. MP is less than AP
C. MP is equal to AP
D. MP is equal to zero

Question 134:

• JAMB 2009

The shape of the long-run average cost curve is best explained by the

A. Law of diminishing returns
B. Law of returns to scale
C. Cost of fixed inputs
D. Cost of variable inputs

Question 135:

• JAMB 2009

The marginal product of the 5th unit of capital is

A. 42
B. 85
C. 144
D. 213