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

Question 16 :

• JAMB 2007

An upward review of the retirement age will affect the

A. Wage rate
B. Demand for labour
C. Supply of labour
D. Tax rate

Question 17 :

• JAMB 2008

The use of modern weaving machines in the production of local fabric will result in

A. An increase in the demand for labour
B. A decrease in the demand for labour
C. An increase in wages
D. A decrease in wages

Question 18 :

• JAMB 2008

A high rent on land will affect the cost of producing maize

A. At the early stage of production
B. Negatively
C. At the later stage of population
D. Positively

Question 19 :

• JAMB 2011

The money paid per hour for work done is

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

Question 20 :

• JAMB 2012

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

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