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JAMB Economics 1985 Question 45

Question 45

Theory of Production

The act of combining factor inputs in order to obtain specific output is known as

  1. A.factor procurement
  2. B.manufacturing
  3. C.investment
  4. D.industrialization
  5. E.production.
Show the answer and explanation

Answer: E (production.)

Explanation

Production is the combining of factors of production to create goods and services.