Concepts Of Production And Their Interrelationships Jamb Economics Past Questions
Question 1
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
- A. V
- B. W
- C. X
- D. Z
Question 2
The range of the data 14,13,15,18,20,35 and 13 is
- A. 20
- B. 22
- C. 13
- D. 18
Question 3
Gains from trade depends on?
- A. comparative advantage
- B. absolute advantage
- C. distributive cost advantage
- D. absolute cost advantage
Question 4
A production function relates?
- A. cost to output
- B. wages to profit
- C. cost to input
- D. output to input
Question 5
A firm is said to have benefited from external economies in production if it has realized?
- A. a more efficient management of resources
- B. a better combination of factors of production
- C. reduced resources costs due to operation of other firms
- D. a higher profit level due to increased sales
