The Theory of Production - Jamb Economics Past Questions and Answers

Question 141:

• JAMB 2011

One`of the limitations PPC assumption is that there is

A. No indication of technological development
B. No recognition of preferred goods for countries
C. Technical inefficiency
D. Abundant resources

Question 142:

• JAMB 2011

In the process of production, total output is at maximum when

A. MP=0
B. MP > 0
C. AP = 0
D. AP > 0

Question 143:

• JAMB 2011

A firm will experience diseconomies of scale when

A. There are difficulties in coordinating production
B. There is shortage in labour supply
C. The size of market is small
D. There is an increase in the price of raw materials

Question 144:

• JAMB 2011

The law of variable proportions is applicable only

A. In the long-run period
B. To large-scale enterprises
C. To small-scale enterprises
D. In the short-run period

Question 145:

• JAMB 2011

From the Diagram above, the optimal point of production is

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