JAMB Economics Past Questions & Answers - Page 310

1,546.

If profit maximization is assumed to be the objective of a business enterprise, labour must be paid a wage rate equal to the

A.

Marginal revenue of the enterprise

B.

Marginal revenue product of labour in the enterprise

C.

Average revenue of the enterprise

D.

Marginal cost of production

Correct answer is B

No explanation has been provided for this answer.

1,547.

Unemployment can be reduced by?

A.

Restrictin g the productive base of the economy

B.

Adopting capital-intensive techniques of production

C.

Adopting labour-intensive techniques of production

D.

Adopting a mixture of labour and capital-intensive techniques of production

Correct answer is C

No explanation has been provided for this answer.

1,548.

If the actual population in a country is less than the optimum population, then

A.

It is desirable to have a large population

B.

It is necessary to have an improved technology to sustain the population

C.

It is desirable to have a smaller population

D.

The available resources are inadequate to substain the population

Correct answer is A

No explanation has been provided for this answer.

1,549.

If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be

A.

Less than zero

B.

Decreasing

C.

Constant

D.

Increasing

Correct answer is B

No explanation has been provided for this answer.