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

Question 21:

• JAMB 1979

Which of the following type of capital is not rewarded by means of dividends?

A. Ordinary shares
B. Preference shares
C. Cummulative shares
D. Participating preference shares
E. Debentures

Question 22:

• 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 23:

• 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 24:

• JAMB 1981

One of the probable effects of an increased minimum wage in Nigeria is?

A. To create volunteer unemployment
B. To decrease the wage rate
C. To increase the level of unemployment
D. To create involuntary unemployment
E. To increase the demand for labour

Question 25:

• 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