Types Features And Rewards Of Factors Of Production - Economics Jamb Past Questions and Answers

Question 11 :

• JAMB 1980

Capital earns income because?

A. It is productive
B. It is expensive
C. It is always cheaper to substitute capital for labour
D. It is technically more efficient than labour
E. Both A and B above

Question 12 :

• JAMB 1980

The marginal physical product of labour is?

A. The out put of labour unaided by machinery
B. The extra revenue from the output of one additional woker
C. The difference in the output of two workers
D. Additional output achieved when one extraworker is added to fixed account of other factors
E. None of the above

Question 13 :

• JAMB 1982

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?

A. Profitable to the production process
B. Purchased for the purpose of production
C. Combined in the production process
D. Provided adequately for the production process
E. Brought into the factory

Question 14 :

• JAMB 1984

In discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?

A. Length and cost of training
B. Demand and supply
C. Attractiveness of the job
D. Influence of the trade union
E. Government intervention

Question 15 :

• JAMB 1984

The channel for food distribution in Nigeria consist of?

A. Farmers and their families
B. Producers, wholesalers and retailers
C. Producers and consumers
D. Producers and processor
E. Farmers, processors and consumers