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

Question 106:

• JAMB 2012

The reward on machinery and equipment in the process of production is known as

A. Profit
B. Interest
C. Rent
D. Wages

Question 107:

• JAMB 2013

A valid explanation for real wage growth is

A. An increase in the rate of productivity
B. The rising cost of capital accumulation
C. A contraction of emploment in service industries
D. An increase in the quantity of labour

Question 108:

• JAMB 2013

If Mr. X lost his clerical job at a store and searched for a similar job for ten months before finding one this implies that Mr.X was

A. Structurally unemployed
B. Frictionally unemployed
C. Seasonally unemployed
D. Cyclically unemployed

Question 109:

• JAMB 2020

The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?

A. Frictional
B. Cyclical
C. Residual
D. Hidden

Question 110:

• JAMB 2020

Which of the following rewards is associated with entrepreneurship

A. Salaries
B. Profits
C. Interest
D. Rent