The Theory of Production - Jamb Economics Past Questions and Answers

Question 146:

• JAMB 2012

The invisible hand promotes the interests of

A. Consumers
B. Society
C. Government
D. Producers

Question 147:

• JAMB 2012

If all factors are variable in the long run,firms will experience

A. Decreasing returns to scale
B. Increasing returns to scale
C. Diminishing returns
D. Economies of scale

Question 148:

• JAMB 2012

The equilibrium point of a firm is attained at the point where the isoquant is

A. Greater than the isocost
B. Less than the isocost
C. Tangent to the isocost
D. Greater than the output

Question 149:

• JAMB 2012

If a firm doubles all inputs in the long run and the total output is less than doubled, this results in

A. Diminishing returns
B. Constant returns to scale
C. Increasing returns to scale
D. Decreasing returns to scale

Question 150:

• JAMB 2013

If a refinery achieves a reduction in cost by purchasing and transporting crude oil in large quantities, it enjoys

A. Economies of scale
B. Specialization
C. Division of labour
D. Diseconomies of scale