Production Functions And Returns To Scale - Economics Jamb Past Questions and Answers

Question 1 :

• JAMB 2018

Let capital formation = CF, Production = P, C = consumption. Then CF =_______

A. P - C
B. P + C
C. PC
D. P/C

Question 2 :

• JAMB 2019

The diagram below represents a production function. At which of the points does diminishing returns set in__________

A. R
B. S
C. T
D. V

Question 3 :

• JAMB 2019

The current stage of the economy is depicted in curve I. The movement of curve I to II suggests___________

A. An Improvement in capital goods technology but not In consumer goods technology
B. A movement from unemployment to full employment
C. That the output for the society has declined
D. A gain in consumer goods technique and not in capital goods technique

Question 4 :

• JAMB 2017

Which of the following is NOT illustrated by the production possibility curve

A. Risk
B. Scarcity
C. Opportunity cost
D. Allocative efficiency

Question 5 :

• JAMB 2017

The bowed shape of the Production possibilities curve illustrates _________

A. That production is inefficient
B. That demand is relatively inelastic
C. That production is unattainable
D. The law of increasing marginal cost