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

Question 101:

• JAMB 2008

A classroom teacher is promoted to the rank of a principal. This is an example of

A. Vertical mobility
B. Lateral mobility
C. Social mobility
D. Horizontal mobility

Question 102:

• JAMB 2009

When workers have a union, the supply of labour is said to be

A. Monopolistic
B. Oligopolistic
C. Monopsonistic
D. Competitive

Question 103:

• JAMB 2010

The demand curve for factors of production

A. Is perfect elastic
B. Slopes upwards
C. Slopes of downwards
D. Is perfectly inelastic

Question 104:

• JAMB 2010

A strategy for curbing unemployment is to

A. Implement government stabilization policy
B. Increase taxes and decrease government expenditure
C. Increase government expenditure and decrease taxes
D. Ensure even distribution of job opportunities

Question 105:

• JAMB 2011

The money paid per hour for work done is

A. Salary
B. Wage rate
C. Cost
D. Bonus