JAMB Economics 2014 Objective — Question 49
Question 49 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.
Advertisement
The major determinant of the total volume of output in an economy is
- A. the size of the labour forceCorrect
- B. the level of total expenditure
- C. the composition of consumer spending
- D. the number of farmers
Explanation
There are many factors that can determine the volume of output in an economy. An important among them is the size of the total expenditure which determines the amount spent on output to various economic agents... per the source key, the primary determinant is the size of the labour force.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.