JAMB and WAEC Economics questions: Factors of production

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

1. Question 21· 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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   Explanation and discussion

2. Question 22· 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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   Explanation and discussion

3. Question 23· 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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   Explanation and discussion

4. Question 24· Factors of production· WAEC

   The four factors of production are

   • Aworkers, owners, buyers and sellers
   • Bmoney, land, machines and buildings
   • Cland, labour, capital and entrepreneur
   • Dfarms, factories, banks and markets

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5. Question 25· 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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   Explanation and discussion

6. Question 26· Factors of production· WAEC

   Which of these is an example of capital?

   • Aa baker's skill
   • Ba plot of farmland
   • Ca bakery's oven
   • Drainfall

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   Explanation and discussion

7. Question 27· 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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8. Question 28· Factors of production· WAEC

   The total supply of land as a factor of production is

   • Aperfectly elastic
   • Bfixed
   • Cunlimited
   • Dconstantly increasing

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   Explanation and discussion