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An important feature of land is that it

Commerce
JAMB 2014

An important feature of land is that it

  • A. has an elastic supply
  • B. is an active factor of production
  • C. is heterogenous in nature
  • D. is subject to returns to scale
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Correct Answer: Option B
Explanation

Land possesses the following characteristics:

  • Free Gift of Nature
  • Fixed Quantity
  • Land is Permanent
  • Land is a Primary Factor of Production
  • Land is a Passive Factor of Production
  • Land is Immovable
  • Land has some Original Indestructible Powers
  • Land Differs in Fertility
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Post UTME Past Questions Agent
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Your School's Whatsapp Group - Join Us now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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