JAMB Economics · Factor markets and incomes
Factors of production and their theories: JAMB Economics Past Questions and Answers
What the JAMB syllabus covers in Factors of production and their theories
Our summary: The factors of production and their rewards, how wages, interest and profits are set, and unemployment in Nigeria.
- Types, features and rewards
- Determination of wages, interest and profits
- Theories: marginal productivity theory of wages and liquidity preference theory
- Factor mobility and efficiency
- Unemployment and its solutions
Objectives
- identify the types, features and rewards of factors of production;
- analyse the determination of wages, interest and profits;
- interpret the marginal productivity and liquidity preference theories;
- examine factors mobility and efficiency;
- examine the types and causes of unemployment in Nigeria;
- suggest solutions to unemployment in Nigeria.
Syllabus content © The Joint Admissions and Matriculation Board (UTME).
JAMB Economics questions on Factors of production and their theories
- JAMB 2024Which of the following will NOT bring about an increase in Labour force?
- JAMB 2024The demand for factors of production is said to be
- JAMB 2024Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
- JAMB 2023A major factor contributing to productivity is
- JAMB 2023The rate of output per worker (or group of workers) per unit time is called
- JAMB 2023Which of the following is the resultant effect of a fall in the profit margin of producers in an economy?
- JAMB 2023The type of unemployment that occurs when an individual cannot find job as a result of obsolete skill is
- JAMB 2023Part-time workers who desire full-time employment are:
- JAMB 2023The number of people who are qualified to work and who offered themselves for employment are called
- JAMB 2022The type of unemployment found among workers who leave their jobs in search of other jobs is termed
- JAMB 2022Local firms can help in reducing unemployment in a country when
- JAMB 2022A major characteristic of natural resources is they
- JAMB 2022An electrical engineer who is teaching physics in a secondary school is said to be
- JAMB 2022Which of the following factors may not affect the efficiency of labour?
- JAMB 2022If workers at the school canteen cannot sell during the holidays, this is example of
- JAMB 2021Which of the following sets fully represents factors of production?
- JAMB 2021Full employment is a situation in which …
- JAMB 2020The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?
- JAMB 2020Which of the following rewards is associated with entrepreneurship
- JAMB 2020The factor of production that has the highest degree of mobility is?
- JAMB 2019John 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…
- JAMB 2019The lands that belong to the community is referred to as …
- JAMB 2019Which of the following is not a cause of unemployment …
- JAMB 2019The demand for labour is a …
- JAMB 2019Adam Smith's Theory of value stated that the value of a commodity depended on …
- JAMB 2019If wage rate is less than the average revenue product, the firms would be earning …
- JAMB 2019The determination of wages in a labour market depends on the …
- JAMB 2018The number of people who are qualified to work and who offer themselves for employment is called … ?
- JAMB 2018Efficiency of labour in a country is determined by the following except the …
- JAMB 2018As a factor of production, the reward for land is?
- JAMB 2018The form of capital that is required for the day-to-day running of production activities is called?
- JAMB 2018When a union is composed of workers with the same skill , it is called …
- JAMB 2018The reward for capital is …
- JAMB 2018The money paid per hour for work done is …
- JAMB 2018The following are types of capital except: …
- JAMB 2017Which modal of the factor is inelastic?
- JAMB 2016In Nigeria, unemployment can be minimized through … ?
- JAMB 2016The interest charged on loans is determined by the … ?
- JAMB 2015Which of the following is not a type of unemployment
- JAMB 2015In which situation is it likely that the demand for labour would be inelastic?
- JAMB 2015Which of the following could be used to measure the efficiency of labour?
Years with Factors of production and their theories questions in DeeepSolve's question bank
From the past questions DeeepSolve holds, not a count of everything the exam body has set.
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015