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

Question 96:

• JAMB 2005

During a conflict between management and workers, the union's bargaing power is based on

A. Work-to-rule
B. Negotiation
C. Picketing
D. Management decision

Question 97:

• JAMB 2006

The only factor of production that plays an active role in the production process is

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

Question 98:

• JAMB 2007

An upward review of the retirement age will affect the

A. Wage rate
B. Demand for labour
C. Supply of labour
D. Tax rate

Question 99:

• JAMB 2008

The use of modern weaving machines in the production of local fabric will result in

A. An increase in the demand for labour
B. A decrease in the demand for labour
C. An increase in wages
D. A decrease in wages

Question 100:

• JAMB 2008

A high rent on land will affect the cost of producing maize

A. At the early stage of production
B. Negatively
C. At the later stage of population
D. Positively