passwella.
Menu

JAMB Economics 1987 Question 9

Question 9

Labour Market

The residual of production which accrues to the ownership of land after all other expenses have been met is called

  1. A.wages
  2. B.rent
  3. C.interest
  4. D.profit.
Show the answer and explanation

Answer: B (rent)

Explanation

The reward for land is rent; here it is the surplus left to the landowner after all other costs are paid.