Factors, characteristics, and rewards of production - Jamb Commerce Past Questions and Answers

Question 11:

• JAMB 2004

Factors of production can be described as the?

A. Resources required for the provision of goods and services
B. Skills involves in deciding and directing the flow of goods
C. Monetary tools employed by government to ensure stable production
D. Elements involved in the process of formulating policies on production

Question 12:

• JAMB 2007

A major function of a entrepreneur is?

A. Decision-making
B. Encouraging competition
C. Human-resource traning
D. Motivating employees

Question 13:

• JAMB 2007

The creation of utilities is to satisfy human wants is referred to as?

A. Production
B. Consumption
C. Industrialization
D. Occupation

Question 14:

• JAMB 2008

In the long run, all factors of production are?

A. Fixed
B. Variable
C. Marginal
D. Constant

Question 15:

• JAMB 2008

The quality and quantity of production mostly depend on the?

A. Effectiveness of factors
B. Availibility of factors
C. Level of education of enterpreneurs
D. Level of cooperation among workers