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

Question 6:

• JAMB 1992

The higher the price of capital relative to the price of labour, the more production techniques should be?

A. Labour-intensive
B. Capital-intensive
C. Fixed
D. Technology-intensive

Question 7:

• JAMB 1994

In the long run, all production factors are?

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

Question 8:

• 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 9:

• 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 10:

• JAMB 1995

If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500.

A. Y > 300
B. Y > 250
C. Y > 200
D. Y > 150