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JAMB Economics 1978 Question 47

Question 47

Theory of Production

In Economics, production is complete when

  1. A.goods are produced in the factories
  2. B.goods are sold to the wholesalers
  3. C.goods and services are produced by the government
  4. D.prices are fixed for goods and services
  5. E.goods and services finally reach the consumers.
Show the answer and explanation

Answer: E (goods and services finally reach the consumers.)

Explanation

Production includes distribution, so it is complete only when the goods or services reach the final consumer.