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JAMB Economics 2010 Question 49

Question 49

Economic Systems

The choice of the method of production in an economy is determined by the

  1. A.level of income
  2. B.level of technical know-how
  3. C.rate of population growth
  4. D.availability of natural resources.
Show the answer and explanation

Answer: B (level of technical know-how)

Explanation

How to produce (labour-intensive or capital-intensive) depends mainly on the technology and skills the economy has.