Determination Of Wages Interest And Profits Of Factors Of Production - Economics Jamb Past Questions and Answers

Question 1 :

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2 :

• JAMB 2018

John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________

A. Marginal physical productivity
B. Marginal income productivity
C. Consumer's surplus
D. Economic rent

Question 3 :

• JAMB 2018

The lands that belong to the community is referred to as__________

A. Sacred land
B. Individual land
C. Communal land
D. Rent land

Question 4 :

• 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 5 :

• 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