Question 776:

• JAMB 1985

If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to

A. Technical progress
B. Size of the population
C. Amount of natural resources
D. The environment
E. The quality of human resources

Question 777:

• JAMB 1985

The process by which a country attempts to reduce the import of manufactured goods at home is described as?

A. Export-promotion
B. Import-substitution
C. Industrialization
D. Export-diversification
E. Import-creation

Question 778:

• JAMB 1985

Under normal circumstances a producer will bear the entire burden of taxation on his output if the?

A. Demand for his product is completely elastic
B. Supply of his goods is more elastic than the demand
C. Demand for his product is more elastic than the supply
D. Production of his commodities is subject to diminishing returns
E. Production of his commodities is subject to increase returns to scale

Question 779:

• JAMB 1985

Which of the following is NOT a part of the fixed costs of a limited liability company?

A. Interest on loans
B. Rent on buildings
C. Depreciation reserves
D. Management expenditure
E. Wages

Question 780:

• JAMB 1985

The act of combining factor inputs in order to obtain specific output is known as

A. Factor procurement
B. Manufacturing
C. Investment
D. Industrialization
E. Production