Post Utme Joseph Ayo Babalola University 2020 Economics Question 37

Practice objective / multiple choice question 37 from the 2020 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2020 Economics Objective / Multiple Choice
Question 37 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2020 • ECONOMICS • objective

The concept of production theory in economics implies the study of the relationship between inputs and outputs. Which of the following statements best describes the law of diminishing returns?

Answer Options

Correct Answer A. As the input of a variable factor increases, the output increases at a decrea\sing rate.
B. As the input of a variable factor increases, the output increases at an increa\sing rate.
C. As the input of a variable factor increases, the output remains cons\tant.
D. As the input of a variable factor increases, the output decreases.
Correct Answer
A
Correct Option:
As the input of a variable factor increases, the output increases at a decrea\sing rate.

About This Question

This is Post Utme Joseph Ayo Babalola University 2020 Economics Question 37. It is one of the objective questions from the 2020 Post Utme Joseph Ayo Babalola University Economics examination.

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