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JAMB Economics 2009 Question 16

Question 16

Theory of Production

Production takes place when

  1. A.output is transformed into input
  2. B.machines replace human effort
  3. C.input is transformed into output
  4. D.there is specialization and division of labour
Show the answer and explanation

Answer: C (input is transformed into output)

Explanation

Production is the process of turning inputs (land, labour, capital) into goods and services.