Factors Of Production And Their Theories Jamb Economics Past Questions
Question 1
Which of the following sets fully represents factors of production?
- A. Sunlight, machinery, man, land
- B. Land, water, weather
- C. Money, market, middlemen
- D. Land, labour, capital, enterprise, technology
Question 2
The factor of production that has the highest degree of mobility is__________?
- A. entrepreneurship
- B. land
- C. labour
- D. capital
Question 3
As a factor of production, the reward for land is?
- A. Profit
- B. Interest
- C. Rent
- D. Wage
Question 4
The money paid per hour for work done is
- A. salary
- B. wage rate
- C. cost
- D. bonus
Question 5
The term 'Stock of Capital 'means?
- A. amount of money necessary to start a business
- B. total amount receivable by all factors of production
- C. amount of equipment plant and inventory existing at a time
- D. total amount available for economic development
