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

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Jamb Economics Past Questions

Jamb Past Questions and Answers on Factors of Production and their Theories

Question 61:


The consumer-goods industry is predominant in the industrial sector of the Nigerian economy because of the?

A. Availability of market and most of the raw materials required
B. Availability of the necessary machinery required
C. Experience of Nigerian producers
D. Relatively lower cost of production of such goods


Question 62:


If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the?

A. Marginal revenue of the enterprise
B. Marginal revenue product of labour in the enterprise
C. Average revenue of the enterprise
D. Marginal cost of production


Question 63:


Which of the following functions does the wholesaler perform to save the retailer burden of carrying large stocks?`
i Breaking the bulk
ii Packing the goods in smaller containers
iii Providing vital information
iv Grant credit facilities

A. I and ii
B. I and iv
C. Ii and iii
D. I, ii, iii and iv


Question 64:


What type of unemployment is revealed by the dotted lines on the graph?

A. Frictional unemployment
B. Cyclical unemployment
C. Circular unemployment
D. Underemployment


Question 65:


Unemployment can be reduced by?

A. Restricting the productive base of the economy
B. Adopting capital-intensive techniques of production
C. Adopting labour-intensive techniques of production
D. Adopting a mixture of labour and capital-intensive techniques of production






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