Economics Practice Test – Theory of Production (Questions with Answers and Explanations)

In the process of production, total output is at maximum when ______ (JAMB 2011)

A. MP > 0   B. AP = 0   C. AP > 0    D. MP = 0

Study the figure below;

A combination of factors responsible for a shift from D_oD_o to D₁D₁ are ______ (JAMB 2014)

In the production process, the law of diminishing returns begins to set when ______ (JAMB 2018)

A. all inputs are variables
B. last variable input results to decrease in total product
C. last variable input adds less in relation to the previous variable input
D. All inputs are fixed