The Theory of Production - Jamb Economics Past Questions and Answers

Question 151:

• JAMB 2013

An isoquant lying above to the right of another represents

A. A higher output level
B. Constant returns to scale
C. Over-capacity utilization
D. A lower output level

Question 152:

• JAMB 2020

Efficiency in production means?

A. Reducing the size of the work force
B. Producing a given output with the lowest cost of combination of factors of production
C. Adoption of capital intensive technology
D. Increasing the quantity of the fixed factors of production

Question 153:

• JAMB 2020

Firms are often set up close to each other in order to take advantage of?

A. Supply of skilled labour
B. Agglomeration economies
C. Internal economies of scale
D. External economies of scale

Question 154:

• JAMB 2021

Which of these is not usually the function of a wholesaler?

A. Branding
B. Storage
C. Transport
D. Advertising

Question 155:

• JAMB 2021

The price mechanism ____________

A. Rations the consumers
B. Rewards the producers
C. Regulates supply and demand
D. Allocates scarce resources.