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JAMB and WAEC Economics questions: Factors of production

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

AllJAMBWAEC
All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32

  1. Question 1· Factors of production· WAEC

    The mobility of labour refers to the ease with which labour can

    Explanation and discussion

  2. Question 2· Factors of production· WAEC

    The reward for land as a factor of production is

    Explanation and discussion

  3. Question 3· Factors of production· JAMB

    Geographical immobility of labour can be caused by

    Explanation and discussion

  4. Question 4· Factors of production· WAEC

    Occupational mobility of labour is improved by

    Explanation and discussion

  6. Question 6· Factors of production· WAEC

    Which of these is an example of capital as a factor of production?

    Explanation and discussion

  7. Question 7· Factors of production· JAMB

    Efficiency of labour depends on

    Explanation and discussion

  8. Question 8· Factors of production· JAMB

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

    Explanation and discussion

  9. Question 9· Factors of production· WAEC

    The supply of land is

    Explanation and discussion

  10. Question 10· Factors of production· WAEC

    Ada starts a bakery, hires workers and bears the loss if it fails. In economics she is the

    Explanation and discussion

  11. Question 11· Factors of production· WAEC

    Land as a factor of production is said to be fixed in supply because

    Explanation and discussion

  12. Question 12· Factors of production· JAMB

    Land as a factor of production includes

    Explanation and discussion

  13. Question 13· Factors of production· WAEC

    Mrs Okafor brings together land, labour and capital to run a poultry farm and bears the risk. Her reward is

    Explanation and discussion

  14. Question 14· Factors of production· WAEC

    Mr. Okon lets his farmland to a cassava farmer for ₦50,000 a year. This payment is

    Explanation and discussion

  15. Question 15· Factors of production· WAEC

    The efficiency of labour can be increased by

    Explanation and discussion

  16. Question 16· Factors of production· JAMB

    The reward for entrepreneurship is

    Explanation and discussion

  17. Question 17· Factors of production· WAEC

    Which of these is an example of capital goods used by a bakery?

    Explanation and discussion

  18. Question 18· Factors of production· WAEC

    The factor of production that bears the risk of a business is the

    Explanation and discussion

  19. Question 19· Factors of production· JAMB

    The efficiency of labour depends greatly on

    Explanation and discussion

  20. Question 20· Factors of production· JAMB

    The geographical mobility of labour is often reduced by

    Explanation and discussion

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