Factors of Production and their Theories - Jamb Economics Past Questions and Answers

Question 46:

• 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 47:

• JAMB 1987

The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?

A. Industrial capital
B. Social capital
C. Fixed capital
D. Circulating capital

Question 48:

• JAMB 1987

The main reason for charging interest is to?

A. Reward enterpreneurial effort
B. Redistribute profits
C. Reward investors for present use of profits
D. Mobilize more funds for development

Question 49:

• JAMB 1987

Frictional unemployment?

A. Is total unemployment minus structural unemployment
B. Occurs when the unemployed are persons with specific training
C. Occurs when the number of job seekers exceeds the number of vacancies
D. Occurs when people are changing jobs

Question 50:

• JAMB 1988

If technology becomes less capital-intensive, it means?

A. An increase in the capital/labour ratio
B. An increase in the capital/ratio
C. A fall in the labour/capital ratio
D. Increased unemployment