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JAMB Economics 2006 Question 22

Question 22

Basic Concepts

A decision on input combination solves the economic problem of

  1. A.how to produce
  2. B.for whom to produce
  3. C.when to produce
  4. D.what to produce
Show the answer and explanation

Answer: A (how to produce)

Explanation

Deciding which mix of labour, capital and other inputs to use is the question of how to produce (the production method).