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

Question 26:

• JAMB 2009

Which of the following can be deduced from the law of variable proportions when total output is rising?

A. MP is greater than AP
B. MP is less than AP
C. MP is equal to AP
D. MP is equal to zero

Question 27:

• JAMB 2009

The marginal product of the 5th unit of capital is

A. 42
B. 85
C. 144
D. 213

Question 28:

• JAMB 2010

Average product is less than marginal product when

A. There is constant returns to scale
B. There is increasing returns to scale
C. There is decreasing returns to scale
D. Diminishing returns set in

Question 29:

• JAMB 2011

In the process of production, total output is at maximum when

A. MP=0
B. MP > 0
C. AP = 0
D. AP > 0