The Theory of Production - Jamb Economics Past Questions and Answers

Question 31:

• JAMB 2014

If the production of a large firm is higher than that of a small firm, it is experiencing.

A. External economies of scale
B. External diseconomies of scale
C. Internal economies of scale
D. Internal diseconomies of scale

Question 32:

• JAMB 1978

If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing

A. Increasing Marginal utility
B. Diseconomies of scale
C. Increasing costs
D. Constant returns to scale
E. Increasing returns to scale

Question 33:

• JAMB 1978

In economics, production is complete when

A. Goods are produced in the factory
B. Goods are sold to the wholesalers
C. Goods and services are produced by the government
D. Prices are fixed for goods and services
E. Goods and services finally reach the consumer

Question 34:

• JAMB 1979

Production covers all but one of the following activities:

A. Changing the position of a good in time as, for example, holding stock of goods until they are required
B. The provision of some kind of service e.g retailing
C. Changing the form of a good from the raw material to the finished product
D. Changing the situation of a good as for example , from a factory in Lagos to a retail shop in port harcourt
E. The use of good and services to satisfy individual wants

Question 35:

• JAMB 1979

Division of labour means

A. Dividing the labour into different categories
B. Splitting the process of production into different parts to be completed by each person
C. Dividing the goods and services into different sections
D. Assigning different duties to labourers
E. Group of labourers working in a factory or shop