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If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?
Athe productivity of labour
Bthe law of diminishing marginal utility
Cthe law diminishing returns
Dthe concept of factor intensity
Elabour intensive production
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Question 2149
jamb1983
The concept of economic efficiency primary refers to?
Aobtaining the maximum output from available resources at the lowest cost
Bconservation of our petroleum resources
Cequity in the distribution of the nation's wealth
Dproducing without waste
Ethe limited wants-unlimited resources dilemma
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Question 2150
jamb1983
Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?
Aone unit of shelter
Bthree units of shelter
Cone third of a unit of shelter
Dsix units of shelter
Etwo units of shelter
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Question 2151
jamb1983
Which of the following sets fully represents factors of production?
ASunlight, machinery, man , land,
BLand, labour, capital, enterprise, technology
CCapital, technology, idaes, markets, land
DLand, water, weather
EMoney, market , middlemen
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Question 2152
jamb1983
The natural growth rate of a population is the
Asum of the birth rate and the death rate
Bsum of the birth rate and the net migrate rate
Cbirth rate minus death rate
Dbirth rate divided by the net migration
Edeath rate minus the net imgration
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Question 2153
jamb1983
Which of the following items is NOT an argument for locating industries in rural areas?
ARural areas supply agricultural raw material
BThe pace of development will be quickened in rural areas
CEmployment will be provided for rural inhabitants
DCapital is easily available in rural areas
ESuitable humid climate is sometimes found in rural areas
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Question 2154
jamb1983
A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?
Aboth price and quantity will increased
Bonly price increases
Conly quantity increases
Dthe price remains constant
Ethe price falls
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Question 2155
jamb1983
Which of the following is NOT include in measuring national income by the income approach?
AWages and salaries of public servant
Bstudent grants and scholarship
CProfit of companies
Dincome earned by self employed persons such as lawyers
ERents on property
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Question 2156
jamb1982
If income rises from N200.00 to N250.00 and the amount spent on good X fails from N30.00 to N28.00, then good X is
Aan income elastic good
Ba normal good
Can inferior good
Ddemand elastic
Esupply elastic
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Question 2157
jamb1982
Use the table above to answer the question below
What is the growth rate of employment?
A18%
B10%
C6.7%
D5.7%
E4.1%
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Question 2158
jamb1982
What is the growth rate of GNP?
A18%
B10%
C6.7%
D0.5%
E4.1%3
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Question 2159
jamb1982
In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?
Aimposing import bans on some commodity
Bimposing import duties
Cdrawing down on external reserves
Dpurchasing foreign exchanges from foreign countries
Edevaluation of the currency
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Question 2160
jamb1982
Which of the following countries is NOT a member of the economic Community of West African States?
