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JAMB Economics 2005 Question 37

Question 37

Theory of Production

In economics, production takes place only when

  1. A.producers sell to retailers
  2. B.value has been added to a commodity
  3. C.modern equipment is used
  4. D.consumption has taken place
Show the answer and explanation

Answer: B (value has been added to a commodity)

Explanation

In economics, production means creating or adding value (utility) to goods and services.