The Theory of Production - Jamb Economics Past Questions and Answers

Question 156:

• JAMB 2021

Division of Labour is limited by the ____________

A. Size of labour firm
B. Availability of raw material
C. Size of the labour force
D. Absolute size of the country's population

Question 157:

• JAMB 2021

Mono production economies are those that ____________

A. Produce one main commodities
B. Have a rich cultural heritage.
C. Specialize in agricultural industries.
D. Produce only raw materials.

Question 158:

• JAMB 2021

Mono production economies are those that ____________

A. Produce one main commodities
B. Have a rich cultural heritage.
C. Specialize in agricultural industries.
D. Produce only raw materials.

Question 159:

• JAMB 2021

Retailers in an economy perform the function of ____________

A. Distribution.
B. Exchange
C. Investment
D. Production

Question 160:

• JAMB 2021

A firm is at its optimum size when ____________

A. It has a motive to increase output
B. It produces the greatest output at a minimum cost
C. Marginal cost equals marginal revenue
D. Marginal cost is less than marginal revenue