Determination Of Wages Interest And Profits Of Factors Of Production - Economics Jamb Past Questions and Answers

Question 6 :

• JAMB 1983

Which of the following sets fully represents factors of production?

A. Sunlight, machinery, man , land,
B. Land, labour, capital, enterprise, technology
C. Capital, technology, idaes, markets, land
D. Land, water, weather
E. Money, market , middlemen

Question 7 :

• JAMB 1985

The amount of labour a producer hires relative to labour factor inputs depends on the?

A. Price of labour or it wage
B. Price of labour, machinery and other inputs
C. Price of machinery
D. Price of the other inputs
E. Type of machinery

Question 8 :

• JAMB 1986

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

A. Rent
B. Profit
C. Interest
D. Surtax income

Question 9 :

• JAMB 1986

Which of the following methods is most likely to lead an economy?

A. An increase in wages and profits
B. An increase in consumer demand
C. A greater fraction of national Product going into investment
D. A countinuous rise in bank loans

Question 10 :

• 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