Scale of Production - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2018

External economies arises essentially from__________

A. A firm's individual policies
B. Localisation of industry
C. Government economic policy
D. Free transferability of shares

Question 2:

• JAMB 2017

In economics, the or input question refers to:

A. The problem of allocating scarce resources among competing uses
B. The way in which factors of production may be combined to produce output
C. The way in which a firm decides on its profit maximising rate of output
D. The problem of how output is distributed among individuals and groups in society.

Question 3:

• 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 4:

• 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 5:

• 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