Scale of Production - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1992

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

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

Question 17:

• JAMB 1995

The advantages which firms obtain directly from expanding their operations are referred to as?

A. Internal economies of scale
B. External economies of scale
C. Economics of localization
D. Economies of resources allocation

Question 18:

• JAMB 1997

A firm is said to have benefited from external economies in production if it has realized?

A. A more efficient management of resources
B. A better combination of factors of production
C. Reduced resources costs due to operation of other firms
D. A higher profit level due to increased sales

Question 19:

• JAMB 1998

When a firm is reaping economies of large-scale production, it experiences a fall in its?

A. Long-run marginal cost
B. Long-run average cost
C. Long-run total cost
D. Short-run marginal cost

Question 20:

• JAMB 2000

External dis-economies of scale result from excessive growth of?

A. The whole industry
B. Some sectors of the industry
C. External factors
D. Internal factors