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

Hello and Welcome to Economics Practice Test - Theory of Production

  1. You are to attempt 5 random objectives questions ONLY.
  2. Supply Your Full Name and Location in the text box below and begin immediately.
  3. You can attempt as many times as possible


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


An isoquant lying above to the right of another represents ______ (JAMB 2013)

A. a higher output level
B. constant returns to scale
C. cover-capacity utilization
D. a lower output level.


Study the table below:

Determine the value of W (JAMB 2015)

A. 16   B. 17   C. 10   D. 15


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


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

 

 

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