JAMB Economics questions: Factors of production

13 questions with answers and explanations. Tap an option to check yourself.

1. Question 1· Factors of production· JAMB

   Geographical immobility of labour can be caused by

   • Agood transport
   • Bhousing costs and family ties
   • Ctraining
   • Dhigh wages elsewhere

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   Explanation and discussion

2. Question 2· Factors of production· JAMB

   The reward for capital is

   • Awages
   • Brent
   • Cinterest
   • Dprofit

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   Explanation and discussion

3. Question 3· Factors of production· JAMB

   Efficiency of labour depends on

   • Athe weather only
   • Bage only
   • Ceducation, health and tools
   • Dcolour of uniform

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   Explanation and discussion

4. Question 4· Factors of production· JAMB

   Which factor of production is fixed in supply and has no cost of production?

   • Aentrepreneurship
   • Blabour
   • Ccapital
   • Dland

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   Explanation and discussion

5. Question 5· Factors of production· JAMB

   Land as a factor of production includes

   • Amoney
   • Bmachinery
   • Cworkers
   • Dall natural resources such as minerals and forests

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   Explanation and discussion

6. Question 6· Factors of production· JAMB

   The reward for entrepreneurship is

   • Arent
   • Bprofit
   • Cinterest
   • Dwages

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   Explanation and discussion

7. Question 7· Factors of production· JAMB

   The efficiency of labour depends greatly on

   • Athe size of the country
   • Beducation and training
   • Cthe price of land
   • Dthe exchange rate

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   Explanation and discussion

8. Question 8· Factors of production· JAMB

   The geographical mobility of labour is often reduced by

   • Afamily and social ties
   • Btraining
   • Chigh wages elsewhere
   • Dgood transport

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   Explanation and discussion

9. Question 9· Factors of production· JAMB

   The entrepreneur's main role is to

   • Aprovide land
   • Borganise the other factors and bear the risk of the business
   • Csupply labour only
   • Dlend money to the bank

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10. Question 10· Factors of production· JAMB

    Capital as a factor of production refers to

    • Aman-made goods used to produce other goods
    • Bmoney kept in a bank
    • Cnatural resources
    • Dhuman effort

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11. Question 11· Factors of production· JAMB

    Occupational mobility of labour refers to the ease with which workers

    • Achange employers in the same job
    • Bmove from one place to another
    • Ctravel abroad
    • Dmove from one job to another

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12. Question 12· Factors of production· JAMB

    Entrepreneurship involves

    • Aonly supplying labour
    • Bonly providing land
    • Conly lending money
    • Dorganising other factors and bearing risk

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13. Question 13· Factors of production· JAMB

    The supply of labour in a country depends on

    • Athe size and age structure of the population
    • Bthe price of land
    • Cthe rate of interest
    • Dthe exchange rate

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    Explanation and discussion