Meaning And Types Of Production - Economics Jamb Past Questions and Answers

Question 11 :

• JAMB 1989

A perfect example of a public good is?

A. Air
B. Education
C. Defence
D. Transport

Question 12 :

• JAMB 1989

The group of people engaged in banking or insurance services by occupational distributions are classified as?

A. Primary producers
B. Secondary producers
C. Tertiary producers
D. Technical producers

Question 13 :

• JAMB 1993

Production is said to be completed when?

A. Goods and services reach the consumers
B. Prices of goods and services are determined
C. Goods are sold to the wholesaler
D. Goods are packaged

Question 14 :

• JAMB 1997

The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?

A. Increase their output
B. Decrease their output
C. Keep their output constant
D. Hoard their output

Question 15 :

• 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