An upward movement along the same supply curve result in_____________

an increase in quantity supplied

a decrease In quantity supplied

Commercial bank reserves at the Central Bank____________

controlling credit and money supply

discouraging banking operations

A capital market differs from the money market in that in the former _____?

The percentage of interest charged is more

The population density of a town made up of 50 square kilometer land area and 100 million people is________

2 million people per square kilometer 

50,000 people per square kilometer

2 million people per square kilometer 

0.5 million people per square kilometer

20 million people per square kilometer

The formation of cartels or monopolies in other to obtain better bargaining or deals from other countries is characteristic of which of the following?

Countries producing same or identical goods

Countries with comparative advantage

Countries with superlative advantage

Countries producing same or identical goods

The formula (index of export prices)/(index of import prices) x 100 is used to measure the____________

Volume of trade between countries

direction of international trade

The basic economic problems of society include___________

what to produce, how and for whom

scarcity, for whom to produce and where

what to produce, how and for whom

The study of Economics becomes necessary because of the______________

Large population size of the world

Opportunity cost of goods and services

Need to satisfy every desire of man

JAMB UTME - Economics - 2018 | Green Bridge CBT

Question 1 Rapport

The diagram below represents a production function. At which of the points does diminishing returns set in __________

Détails de la réponse

Diminishing returns set in at point T in the production function. In a production function, adding more units of input (such as labor or capital) typically leads to an increase in output at a certain rate. However, as the amount of input increases beyond a certain point, the rate of output increase begins to decline. This is known as the law of diminishing returns. In the diagram, points R and S represent the increasing phase of the production function where output increases at an increasing rate as more input is added. However, at point T, the rate of increase in output begins to slow down, indicating that the law of diminishing returns has set in. Beyond point T, adding more input will result in smaller increases in output, and may even cause a decrease in output if the input becomes too excessive, as shown by point V. Therefore, point T is where diminishing returns set in, indicating the optimal level of input for maximum output.






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