Question 566:

• JAMB 1981

The most basic concern of economists is to?

A. Create human wants
B. Satisfy all human want
C. Redistribute income so that it is used correctly
D. Create perfect competition
E. Study ways of allocating scarce resources in order to satisfy human wants

Question 567:

• JAMB 1981

Which of these statement is NOT true of economics as a discipline?

A. It is a social science
B. It is analytical
C. It is concerned with people's material well-being
D. It assumes limited human wants
E. It assumes unlimited human resources

Question 568:

• JAMB 1981

An increase in the price of butter causes an increase in the demand for margarine. This indicate that butter and margarine are?

A. Substitute goods
B. Complementary goods
C. Elastic goods
D. Inelastic goods
E. Inferior goods

Question 569:

• JAMB 1981

An equilibrium price?

A. Keeps excess demand within limits
B. Keeps excess supply within limits
C. Generates the greatest possible demand and supply
D. Generates the greatest possible profits
E. Equates the quantity supplied to be equal to the quantity demanded.

Question 570:

• JAMB 1981

When a nation’s exports are greater than its imports

A. The net foreign trade is zero
B. An unfavourable balance of payment exist
C. A favourable balance of payment exists
D. An un favourable balance of trade exist
E. A favourable balance of trade exists