Concepts of production and their interrelationships - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1988

The law of Diminishing Returns begins to operate when?

A. Total product begins to rise
B. Total product begins to fall
C. Marginal product begins to fall
D. Marginal product begins to rise

Question 17:

• JAMB 1988

The additional revenue obtained by using one more unit of a factor is called?

A. Average product
B. Marginal product
C. Diminishing returns
D. Marginal revenue product

Question 18:

• JAMB 1990

Which of the following is the major function of the wholesaler?

A. Bulk breaking
B. Provision of useful information to th manufacturer on products
C. Provision of after-sales services to consumers
D. Provision of warehouse facility

Question 19:

• JAMB 1992

Calculate the marginal physical product of the last unit of input

A. O
B. 2
C. 4
D. 10

Question 20:

• JAMB 1994

When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?

A. Zero and decreasing
B. Decreasing and zero
C. Negative and decreasing
D. Both at their maximum