1994 - JAMB Economics Past Questions & Answers - page 1

1
The basic economic problems of the society include?
A
what to produce, how and for whom
B
how to produce and sell
C
scarcity, when to produce and how
D
scarcity, for whom to produce and where
CORRECT OPTION: a
2
Opportunity cost is an economic concept which describes the?
A
monetary equivalent of the utility of a commodity
B
amount of time or money invested on a commodity
C
sacrifice made for the satisfaction of a want
D
cost of retaining an optimum level of production of commodities
CORRECT OPTION: c
3
The circular flow of income defines the?
A
relationship between ends and means in the economic system
B
allocation of income to various members of the household
C
flow of goods, srvices amd money among the various macro-sectors of the economy
D
micro-economic relationships in economic analysis
CORRECT OPTION: c
4
The necessity of choice is due to the fact that?
A
human wants are insatiable
B
consumers like to maximize satisfaction
C
resources are abundant
D
consumers are selective
CORRECT OPTION: a
5
In a mixed economy, decisions to produce are taken by?
A
men and women acting in their own best interest
B
the government acting in the interest of the country
C
the market women, the labour unions and the employers association
D
private individuals, organization and the government
CORRECT OPTION: d
6
Every economy requires an accurate census because it assist in?
A
solving inflation problem
B
providing a sound framework for policy formulation
C
stimulating economic activities in the national economy
D
solving unemployment problem
CORRECT OPTION: b
7
The population of country X in 1990 was 35 million.
The births were 450,000 while it recorded 210,000 death. If in the year, its immigrants were 20,000 and 10,000 of its citizen left the country, calculate the total population of the country at the end of 1990.
A
24,250,000
B
25,350,000
C
34,750,000
D
35,250,000
CORRECT OPTION: d
8
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 OPTION: a
9
Unemployment can be reduced by?
A
restricting 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 OPTION: c
10
When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?
A
zero and decreasing
B
decreasing and zero
C
negative and decreasing
D
both at their maximum
CORRECT OPTION: a
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