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

Question 66:

• JAMB 1994

In the long run, all production factors are?

A. Fixed
B. Semi fixed
C. Variable
D. Semi-variable

Question 67:

• JAMB 1994

An increase in the supply of labour in a factory while other things remain equal will lead to?

A. An increase in the wage rate and an increase in the number of people employed
B. A decreased in the wage rate and a decrease in employment
C. An increase in the wage rate and an decrease in the employment
D. A decrease in the wage rate and an increase in employment

Question 68:

• JAMB 1994

Labour-intensive strategy of industrialization emphasizes the use of?

A. Steam energy in the process of production
B. Manual method of production
C. Synthetic raw materials
D. Hydro-electric power

Question 69:

• JAMB 1995

What is meant by labour supply?

A. Number of people in working population
B. Number of men and hours they work
C. Number of hours during which the middle aged persons work
D. Number of workforce multiplied by the hours they work

Question 70:

• JAMB 1995

The factor of production that has the highest degree of mobility is?

A. Land
B. Labour
C. Capital
D. Enterpreneurship