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

Question 36:

• JAMB 1985

Disguised unemployment

A. Exist when manpower is not being utilized efficiently
B. Calls for the implementation of five plans
C. Can be eliminated if the press is free
D. Can be eliminated if the capital output ratio is increased
E. Is a statistical artifact with no economic meaning

Question 37:

• JAMB 1985

The unemployment associated with a recession is called?

A. Voluntary
B. Frictonal
C. Cyclical
D. Structural
E. Maximum

Question 38:

• JAMB 1986

A firm achieves least cost in production by substituting factors until

A. Their factor prices are equal
B. Their marginal-physical products are each equal to their factor prices
C. Their marginal-physical products are each zero
D. The ratio of their marginal-physical products equals the ratio of their prices

Question 39:

• JAMB 1986

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

A. Rent
B. Profit
C. Interest
D. Surtax income

Question 40:

• JAMB 1986

Mobility of labour is NOT affected by

A. Optimum size of population
B. Marriage and family
C. Regulation of trade unions
D. Period of training