Factors determining the size of firms - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 1978

The following is NOT a reason for the existence of small firms

A. Scale of production is limited by size of the market
B. Expansion brings diminishing returns
C. Large firms can carter for wide markets
D. Small firms can provide personal services
E. All of the above

Question 3:

• JAMB 1985

A firm is said to be a public Joint Stock Company when it?

A. Is owned by the government
B. Is operated as a public corporation
C. Is operated in a non-democratic fashion
D. Sells shares to members of the public and publishes its account
E. Is a limited liability company

Question 4:

• JAMB 1988

The most important limitation on the partner as a form of business enterprise is the?

A. Implication for partners'liability
B. Legal limitation placed on the number of partners
C. Difficulties arising from having two co-ordinate heads of a firm
D. Fact that each partner regardless of the capital he contributes, must have the same voting rights

Question 5:

• JAMB 1989

The size of a business units tends to be small if the activity?

A. Involves mass production of goods
B. Requires a large capital
C. Requires division of labour
D. Involves the provision of direct services