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

Question 11 :

• JAMB 1990

Which of the following is likely to hinder labour mobility in Nigeria?

A. Higher wages elsewhere
B. Cultural similarities
C. Good accommodation elsewhere
D. Ignorance of job opportunities elsewhere

Question 12 :

• JAMB 1994

An increase in the supply of labour in a factory while other things remain equal will lead to?

A. An increase in the wage rate and an increase in the number of people employed
B. A decreased in the wage rate and a decrease in employment
C. An increase in the wage rate and an decrease in the employment
D. A decrease in the wage rate and an increase in employment

Question 13 :

• JAMB 1995

Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?

A. Real income
B. Profit
C. Economic rent
D. Real wage

Question 14 :

• JAMB 1999

In a firm, three employees earns N5,500 each, four earn N3,300 each, two earns N5,000 each and one earn N7,000. The mean income of the employees is?

A. N5,200
B. N 4,760
C. N4,670
D. N2,080

Question 15 :

• JAMB 2002

The equilibrium wage in an economy is determined by the?

A. Public service
B. Worker's union
C. Rate of inflation
D. Supply and demand for labour