Economics 1986 JAMB Past Questions

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Production in Economics can be defined as the

A. totality of producing, buying and consuming
B. transformation of raw materials and services in order to provide ultimate utility
C. transformation of raw materials and services in order to make maximum profit
D. production of goods and services for consumption

View Answer & Discuss (8) JAMB 1986

A firm achieves least cost in production by substituting factors until

A. their factor prices are equal
B. their marginal-physical products are each equal to their factor prices
C. their marginal-physical products are each zero
D. the ratio of their marginal-physical products equals the ratio of their prices

View Answer & Discuss (2) JAMB 1986

If a person receives a higher wage than would be necessary to induce him to work, he is said to be receiving

A. rent
B. profit
C. interest
D. surtax income

View Answer & Discuss (10) JAMB 1986

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Mobility of labour is NOT affected by

A. optimum size of population
B. marriage and family
C. regulation of trade unions
D. period of training

View Answer & Discuss JAMB 1986

A country has a population distribution as shown below:
\(\begin{array}{c|c}
\text{Age Group years} & \text{ Corresponding percentage} \\
\text{Above 60} & 22 \\
15 - 60 & 60 \\
0 - 14 & 15 \\
\end{array}\)

The dependency ratio is?

A. 3:2
B. 1:3
C. 2:3
D. 1:5

View Answer & Discuss (6) JAMB 1986

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Economics 1986 JAMB Past Questions

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