The Theory of Production - Jamb Economics Past Questions and Answers

Question 21:

• JAMB 2015

What would encourage the growth of international division of labour?

A. Improvement in transport system
B. Instability in international exchange rate
C. Restrictions on the movement of resources
D. Increase in tariff

Question 22:

• JAMB 2015

A major limiting factor of mass production is

A. Efficient management
B. Adequate labour supply
C. Small size of the market
D. Adequate supply of raw materials

Question 23:

• JAMB 2015

How can a firm benefit from external economies?

A. Increasing its expenditure on advertising
B. Increasing the workforce
C. Locating in an area in which the industry is already established
D. Merging with another domestic firm engaged in the same industry

Question 24:

• JAMB 2015

Isocost and isoquant can be attributed to

A. Theory of consumer behaviour
B. Theory of cost
C. Theory of production
D. Theory of value

Question 25:

• JAMB 2015

All the following are types of specialization except

A. Manager Specialization
B. Product specialization
C. Specialization by sex
D. Geographical specialization