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

Question 11:

• JAMB 1995

When compared with a labour-intensive industry, a capital-intensive industry employs more?

A. Workers than capital
B. Workers than machinery
C. Raw materials than capital
D. Machinery than workers

Question 12:

• JAMB 1997

Labour productivity is the ratio of?

A. Labour to output
B. Man-hours to output
C. Output to man-hours
D. Average product to man-hours

Question 13:

• JAMB 1999

An entrepreneur will continue to employ labour up to a point where?

A. Costs are minimized
B. Maximized efficiency is attained
C. Wages are equal to marginal product of labour
D. Marginal product of labour is equal to zero

Question 14:

• JAMB 2000

Firms continue to employ workers until the wage rate equals the?

A. Average product of labour
B. Marginal revenue product of labour
C. Total product of labour
D. Sum of marginal revenue and average revenue of labour

Question 15:

• JAMB 2002

Improved labour efficiency can be measured by?

A. An increase in output-input ratio
B. An decrease in output-input ratio
C. The constancy of input-output ratio
D. An increase in input-output ratio