1995 - JAMB Economics Past Questions and Answers - page 5
41
The ultimate objective of Economics is to?
A
make effort to understand how the Economy works
B
make the best use of scarce resources
C
organize production at the lowest cost
D
decide under what circumstances the government should intervene inthe economy
correct option: b
Users' Answers & Comments42
A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
A
Check how much he has
B
Find out which is the cheapest of the items
C
Draw up a scale of preference
D
Weigh the opportunity cost of each item against the other
correct option: c
Users' Answers & Comments43
What to produce in any society is determined by the?
A
expenditure of the people on different commodities
B
competition among the different producers
C
competition among the different consumers
D
supply and demand in the factor markets
correct option: d
Users' Answers & Comments44
The active intervention of the central authorities in the management of a country's economy rest upon the?
A
failure of the market force to produce satisfactory result
B
superiority of the centrally planned economy over the private enterprise economy
C
result-oriented nature of the private enterprise economy
D
cost-minimization strategy of a mixed economy
correct option: a
Users' Answers & Comments45
The problems of conducting census include?
A
high rate of rural-urban migration
B
poor geographical distribution of population
C
high birth rate in tthe coutry
D
poor town planning in urban areas
correct option: d
Users' Answers & Comments46
An aging population is a population?
A
with a high dependency ratio
B
with many young people
C
in which the number of old persons is increasing
D
that is dominated by very old people
correct option: c
Users' Answers & Comments47
The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981?
A
96 000
B
192 000
C
288 000
D
470 400
correct option: d
Users' Answers & Comments48
What is meant by labour supply?
A
Number of people in working population
B
Number of men and hours they work
C
Number of hours during which the middle aged persons work
D
Number of workforce multiplied by the hours they work
correct option: a
Users' Answers & Comments49
The advantages which firms obtain directly from expanding their operations are referred to as?
A
internal economies of scale
B
external economies of scale
C
economics of localization
D
economies of resources allocation
correct option: a
Users' Answers & Comments50
The factor of production that has the highest degree of mobility is?
A
land
B
labour
C
capital
D
enterpreneurship
correct option: b
Users' Answers & Comments