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

Question 16:

• JAMB 2003

The distinction between capital and recurrect expenditure lies in the

A. Nature of the goods and services to be provided
B. Time frame of the expenditure
C. Source of the revenue generated
D. Amount of expenditure involved

Question 17:

• JAMB 2003

When a union is composed of workers with the same skill,it is termed

A. A technical union
B. A craft union
C. An industrial union
D. A workers' union

Question 18:

• JAMB 2003

Occupational mobility as applied to factors of production means the ease by which

A. Factors can be transferred from one form of use to another
B. Resources can be transferred from one place to another
C. Resources can be transformed from one form to another
D. Factors can be transferred from one place to another

Question 19:

• JAMB 2009

When workers have a union, the supply of labour is said to be

A. Monopolistic
B. Oligopolistic
C. Monopsonistic
D. Competitive

Question 20:

• JAMB 2010

The demand curve for factors of production

A. Is perfect elastic
B. Slopes upwards
C. Slopes of downwards
D. Is perfectly inelastic