The Theory of Production - Jamb Economics Past Questions and Answers

Question 11:

• JAMB 2019

No of Men	1	2	3	4	5	6	7	8
Total Product(unit)	200	440	540	600	640	660	660	640

If the price per unit is N2, what is the average revenue when 6 men are employed?

A. N110
B. N120
C. N220
D. N330

Question 12:

• JAMB 2019

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

A. An Improvement in capital goods technology but not In consumer goods technology
B. A movement from unemployment to full employment
C. That the output for the society has declined
D. A gain in consumer goods technique and not in capital goods technique

Question 13:

• JAMB 2017

From the table above, the average product of the 3rd unit of labour is

A. 50
B. 70
C. 350
D. 150

Question 14:

• JAMB 2017

Which of the following is NOT illustrated by the production possibility curve

A. Risk
B. Scarcity
C. Opportunity cost
D. Allocative efficiency

Question 15:

• JAMB 2017

In economics, the or input question refers to:

A. The problem of allocating scarce resources among competing uses
B. The way in which factors of production may be combined to produce output
C. The way in which a firm decides on its profit maximising rate of output
D. The problem of how output is distributed among individuals and groups in society.