Concepts of production and their interrelationships - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 1979

When the average physical product curve is rising the marginal physical product is

A. Below it
B. Above it
C. Falling
D. Zero
E. None of the above

Question 12:

• JAMB 1983

If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?

A. The productivity of labour
B. The law of diminishing marginal utility
C. The law diminishing returns
D. The concept of factor intensity
E. Labour intensive production

Question 13:

• JAMB 1985

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

A. X = 20, Y = 6
B. X = 38, Y =9
C. X = 46, Y = 9
D. X = 46, Y = 14
E. X = 10, Y = 10

Question 14:

• JAMB 1987

The additional revenue obtained by using one more unit of a factor is called its?

A. Marginal product
B. Additional product
C. Marginal revenue product
D. Average product

Question 15:

• JAMB 1988

The average product of labour in a given period is obtained by dividing the?

A. Number of workers by the total product
B. Total product by the number of hours actually worked
C. Change in total product by the change in the number of workers
D. Total product by the number of workers