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Economics 1988 JAMB Past Questions

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6
The average product of labour in a given period is obtained by dividing the?
  • A. number of workers by the total product
  • B. total product by the number of hours actually worked
  • C. change in total product by the change in the number of workers
  • D. total product by the number of workers
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7
Development outside a given firm which reduce the firm costs are called?
  • A. internal economies
  • B. external economies
  • C. external diseconomies
  • D. optimum effects
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8
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
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9
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
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10
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
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