Jamb Economics 2007 Past Questions and Answers

Question 31:

• JAMB 2007

An upward review of the retirement age will affect the

A. Wage rate
B. Demand for labour
C. Supply of labour
D. Tax rate

Question 32:

• JAMB 2007

The labour force of a country best describes

A. The number of people in paid employment
B. The number of people receiving pension
C. People within the retirement age
D. People within the working age

Question 33:

• JAMB 2007

The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

A. Marginal cost
B. Average cost
C. Average revenue
D. Marginal revenue

Question 34:

• JAMB 2007

The maximum number of workers that should be hired is

A. 2
B. 3
C. 4
D. 5

Question 35:

• JAMB 2007

What is the marginal productivity when the number of workers is increased from 2 to 3?

A. 8kg
B. 20kg
C. 60kg
D. 180kg