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

Question 16:

• JAMB 2015

Which of the following could be used to measure the efficiency of labour?

A. Rate of inflation
B. Input-output ratio
C. Buying more machines
D. Unemployment rate

Question 17:

• JAMB 2015

Which of the following is not a type of unemployment

A. Factory unemployment
B. Structural unemployment
C. Mass unemployment
D. Frictional unemployment

Question 18:

• JAMB 2015

Which of the following are examples of transfer payment

A. Gift and donations
B. Rents and rates
C. Profit and dividends
D. Internal and external debts

Question 19:

• JAMB 2015

In which situation is it likely that the demand for labour would be inelastic?

A. Labour and capital are close substitutes
B. Labour costs are only a small proportion of total costs
C. Demand for the final product that the labour produces is elastic
D. A large quantity of unemployed labour is available in the economy

Question 20:

• JAMB 2014

The major determinant of the total volume of output in an economy is the

A. Level of total expenditure
B. Composition of consumer spending
C. Number of farmers
D. Size of the labour force