Division Of Labour And Specialization Jamb Economics Past Questions
Question 16
A market where there are many differentiated products is called?
- A. monopoly
- B. perfect competition
- C. monopolistic competition
- D. oligopoly
Question 17
Specialization often improves economic performance because it?
- A. permits exploitation of economies of scale
- B. incorporates external economies
- C. is based on the law of variable proportions
- D. allocates resources according to absolute advantage
Question 18
A necessary condition for specialization in an economy is the existence of
- A. a regulated market
- B. a competitive market
- C. a medium of exchange
- D. adequate capital
Question 19
If technology becomes less capital-intensive, it means?
- A. an increase in the capital/labour ratio
- B. an increase in the capital/ratio
- C. a fall in the labour/capital ratio
- D. increased unemployment
Question 20
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
