Concepts Of Production And Their Interrelationships Jamb Economics Past Questions
Question 6
In economics, production takes place only when
- A. producers sell to retailers
- B. value has been added to a commodity
- C. modern equipment is used
- D. consumption has taken place
Question 7
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
- A. industrial capital
- B. social capital
- C. fixed capital
- D. circulating capital
Question 8
Development outside a given firm which reduce the firm costs are called?
- A. internal economies
- B. external economies
- C. external diseconomies
- D. optimum effects
Question 9
The production within the domestic territory of a country is called the
- A. net national product
- B. gross domestic product
- C. net income
- D. disposable income
- E. gross national product
