Question on: JAMB Economics - 2014
The major determinant of the total volume of output in an economy is the
A
level of total expenditure
B
composition of consumer spending
C
number of farmers
D
size of the labour force
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Correct Option: A
The major determinant of the total volume of output in an economy is the size of the labor force.
- The labor force represents the available human resources capable of producing goods and services.
- A larger labor force generally implies a greater potential for production, all other factors being equal.
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