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

Question 51:

• JAMB 1988

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

A. Frictional
B. Cyclical
C. Residual
D. Hidden

Question 52:

• JAMB 1988

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

A. P
B. Q
C. X
D. Y

Question 53:

• JAMB 1989

if X represent the factors of production and Y represent the factor price, which of the following sets of association is correct?

A. (land, rent) (capital, wage), (labour, profit)
B. (land, interest) (capital,profit), (labour, wage),
C. (land, wage), (capital, interest), (labour,rent),
D. (land,rent), (capital, interest), (labour, wage),

Question 54:

• JAMB 1989

In the diagram above what happens when the minimum wage is fixed at OW?

A. Unemployment is reduced
B. Unemployment results
C. The demand schedule will shift
D. The supply schedule will become steeper

Question 55:

• JAMB 1990

Which of following rewards is associated with entrepreneurship as a factor of production?

A. Salaries
B. Profit
C. Interests
D. Rents