Jamb Economics Past Questions For Year 1988
Question 11
The assumption of profit maximization implies profit?
- A. is the most important consideration of the firm
- B. is the sole consideration of the firm
- C. assumes an insatiable propotion in the instinct of management
- D. is made in other to break-even
Question 12
The law of Diminishing Returns begins to operate when?
- A. total product begins to rise
- B. total product begins to fall
- C. marginal product begins to fall
- D. marginal product begins to rise
Question 13
Which of the following BEST describes the production function?
- A. it indicates best output to produce
- B. it relates naira inputs to naira output
- C. it relates physical outputs to physical inputs
- D. it indicates the best way to combine factors to produce given output
Question 14
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 15
One factor which influences the slope of a non-linear demand curve for a commodity is the?
- A. price of the commodity
- B. quantity of the commodity demanded
- C. availability of substitutes
- D. available of complements
