Jamb Economics 1987 Past Questions and Answers

Question 6:

• JAMB 1987

The additional revenue obtained by using one more unit of a factor is called its?

A. Marginal product
B. Additional product
C. Marginal revenue product
D. Average product

Question 7:

• JAMB 1987

Labour productivity is defined as?

A. Output per man/hour
B. Average output
C. The maximum number of hours worked
D. Total level of output

Question 8:

• JAMB 1987

Efficiency of labour is enhanced by?

A. Average Total Cost less the sum of Varriable Cost
B. Half the sum of all costs
C. Total Fixed Cost divided by the the level of output
D. Total Fixed Cost plus Marginal Cost

Question 9:

• JAMB 1987

The residual of production which accrues to the owner of land after all other expenses have been met is called?

A. Wages
B. Rent
C. Interest
D. Profit

Question 10:

• JAMB 1987

In the history of Economic Thought the concept of Division of labour is usually associated with?

A. David Richardo
B. J.M. Keynes
C. Adam Smith
D. Karl Marx