Theories of Factors of Production - Jamb Economics 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 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 3:

• JAMB 1986

In the normal channels of distribution the breaking of bulk is performed by the

A. Producer
B. Wholesaler
C. Retailer
D. Consumer

Question 4:

• JAMB 1988

If technology becomes less capital-intensive, it means?

A. An increase in the capital/labour ratio
B. An increase in the capital/ratio
C. A fall in the labour/capital ratio
D. Increased unemployment

Question 5:

• JAMB 1988

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

A. P
B. Q
C. X
D. Y