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

Question 91:

• JAMB 2002

Improved labour efficiency can be measured by?

A. An increase in output-input ratio
B. An decrease in output-input ratio
C. The constancy of input-output ratio
D. An increase in input-output ratio

Question 92:

• JAMB 2003

The distinction between capital and recurrect expenditure lies in the

A. Nature of the goods and services to be provided
B. Time frame of the expenditure
C. Source of the revenue generated
D. Amount of expenditure involved

Question 93:

• JAMB 2003

When a union is composed of workers with the same skill,it is termed

A. A technical union
B. A craft union
C. An industrial union
D. A workers' union

Question 94:

• JAMB 2003

Occupational mobility as applied to factors of production means the ease by which

A. Factors can be transferred from one form of use to another
B. Resources can be transferred from one place to another
C. Resources can be transformed from one form to another
D. Factors can be transferred from one place to another

Question 95:

• JAMB 2004

The final stage in the production process of any commodity involves its movement from the

A. Retailer to the wholesaler
B. Producer to the wholesaler
C. Retailer to the consumer
D. Wholesaler to the retailer