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

Question 26:

• JAMB 1982

Retailers are greater in numbers than wholesalers because?

A. Retail business may not be registered or incorporated
B. Retail business requires less expertise
C. Retailers deal with final consumers
D. All retail businesses are large enterprises
E. All retail businesses are small enterprises

Question 27:

• JAMB 1982

What is the growth rate of employment?

A. 18%
B. 10%
C. 6.7%
D. 5.7%
E. 4.1%

Question 28:

• JAMB 1983

Which of the following sets fully represents factors of production?

A. Sunlight, machinery, man , land,
B. Land, labour, capital, enterprise, technology
C. Capital, technology, idaes, markets, land
D. Land, water, weather
E. Money, market , middlemen

Question 29:

• JAMB 1983

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

A. Land and related factors
B. Abundance of natural resources
C. Level of human capital
D. Technical progress or other factors
E. The discipline of political leadership

Question 30:

• JAMB 1983

A major function of middlemen in Nigeria is the distribution of?

A. Commodities to all consumers regardless of income
B. Commodities to consuming centres and the collection of money income to producing centres
C. Economic welfare to all
D. Wealth to all
E. Poverty within the society