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JAMB Economics 2008 Question 48

Question 48

Theory of Production

A high rent on land will affect the cost of producing maize

  1. A.positively
  2. B.negatively
  3. C.at the early stage of production
  4. D.at the later stage of production
Show the answer and explanation

Answer: B (negatively)

Explanation

Rent is a cost of production, so a high rent makes producing maize more expensive, which harms (negatively affects) the farmer.