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

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

Hello and Welcome to Economics Practice Test - Theory of Production

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Determine the value of W (JAMB 2015)

A. 16   B. 17   C. 10   D. 15


If the production cost of a large firm is higher than that of a small firm, it is experiencing ______ (JAMB 2014)

A. internal diseconomies of scale
B. external economies of scale
C. external diseconomies of scale
D. internal economies of scale



Calculate the value of V. (JAMB 2015)

A. 30   B. 35  C. 20   D. 25


The equilibrium point of a firm is at the point where the isoquant is ______ (JAMB 2012)

A. is greater than the isocost
B. less than the isocost
C. tangent to the isocost
D. greater than the output


Division of labour requires that the tasks ¡n a production line can be performed _______ (JAMB 2014)

A. by unskilled labourers
B. by specialists
C. in stages
D. by all workers

 

 

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