JAMB Economics · Production, costs and market structures
The theory of production: JAMB Economics Past Questions and Answers
What the JAMB syllabus covers in The theory of production
Our summary: Total, average and marginal product, economies of scale, returns to scale and the producer's equilibrium.
- Meaning and types of production
- Concepts of production and their interrelationships (TP, AP, MP and the law of variable proportion)
- Division of labour and specialization
- Scale of production (internal and external economies of scale and their implications.)
- Production functions and returns to scale
- Producers' equilibrium isoquant-isocost and marginal analyses
- Factors affecting productivity
Objectives
- relate TP, AP and MP with the law of variable proportion;
- compare internal and external economies of scale in production and their effects;
- identify the types of production functions;
- compare the different types of returns to the scale and their implications;
- determine the firm's equilibrium position using the isoquant-isocost and marginal analyses;
- identify the factors affecting productivity.
Syllabus content © The Joint Admissions and Matriculation Board (UTME).
JAMB Economics questions on The theory of production
- JAMB 2024Wholesalers play an important in the distribution of goods and services because they
- JAMB 2024Which of the following is the correct order in the chain of distribution?
- JAMB 2024An industry engaged in the extraction of raw materials and its conversion into semi-finished goods is called industry.
- JAMB 2024A firm's average cost decreases in the long-run because of
- JAMB 2024When the total product starts falling, then the marginal product is
- JAMB 2023A major factor contributing to productivity is
- JAMB 2023The short run can be defined as the period of time during which
- JAMB 2023The rate of output per worker (or group of workers) per unit time is called
- JAMB 202340 men were employed in a farm, and they produced an average of 30 tonnes of cassava per person. Calculate the total product.
- JAMB 2022A major function of the retailer is to
- JAMB 2022Which of the following factors is not a cause of diminishing returns?
- JAMB 2022The middlemen is responsible for
- JAMB 2022Wholesalers play an important in the distribution of goods and services because they
- JAMB 2022In manufacturing, division of labour may be hindered by
- JAMB 2021Retailers in an economy perform the function of …
- JAMB 2021Which of these is not usually the function of a wholesaler?
- JAMB 2021A firm is at its optimum size when …
- JAMB 2020Efficiency in production means?
- JAMB 2020A major effect of a long distribution chain is
- JAMB 2019Which of the following persons is engaged in "Secondary Production"? I - a bricklayer II - an automobile assembly-line worker III - an accountant IV - a cinema…
- JAMB 2019Adam Smith's Theory of value stated that the value of a commodity depended on …
- JAMB 2019A retailer is distinguished by the nature of its sales, which is in …
- JAMB 2019External economies arises essentially from …
- JAMB 2019As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of …
- JAMB 2018In the long run, all production factors are …
- JAMB 2018No of Men 1 2 3 4 5 6 7 8 Total Product(unit) 200 440 540 600 640 660 660 640 If the price per unit is N2, what is the average revenue when 6 men are employed?
- JAMB 2018In a developing economy, productivity is measured by the …
- JAMB 2018In other to enhance the utility of a particular commodity, it was moved from a place where it has little utility to another area where its utility is higher…
- JAMB 2017Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36…
- JAMB 2017Changing the structure of a commodity in order to increase its utility is called?
- JAMB 2016If additional unit of a variable factor input causes a fall in the marginal product, this implies that
- JAMB 2015c c Units of labour Fixed capital Total product Average product Marginal product 0 10 - - - 1 10 10 10 10 2 10 25 ? 15 3 10 50 16.7 25 4 10 80 20.0 30 5 10 106…
- JAMB 2015A major limiting factor of mass production is
- JAMB 2015How can a firm benefit from external economies?
- JAMB 2015The law of variable proportions is also known as
- JAMB 2015The technical relationship between the physical inputs and the physical outputs of a firm is
- JAMB 2015Isocost and isoquant can be attributed to
- JAMB 2015c c Units of variable factor Total Product 1 25 2 31 3 40 4 48 5 55 The marginal product at the fifth variable factor is
- JAMB 2015All the following are types of specialization except
Years with The theory of production questions in DeeepSolve's question bank
From the past questions DeeepSolve holds, not a count of everything the exam body has set.
- 2024
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