Jamb Economics 1978 Past Questions and Answers

Question 41:

• JAMB 1978

Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

A. Fairness
B. The distribution of income and wealth
C. Public need which is determined by the government
D. Private needs determined by the market
E. The ability of individual to make profit

Question 42:

• JAMB 1978

Which of the following activities of government precludes the existence of a market economy?

A. The imposition of taxes
B. The control of the location of industry
C. The central planning of production
D. The fixing of maximum price for all necessities
E. The establishment of law requiring the registration of business firms

Question 43:

• JAMB 1978

Which of the following is NOT strictly included In the study of economics?

A. The study of wants
B. The study of choice
C. Whether a particular want satisfies a good or bad purpose
D. The study of scarcity
E. The study of substitution

Question 44:

• JAMB 1978

Which of these would NOT increase population of a country

A. Increase in death rate
B. Decrease in birth rate
C. Emigration
D. Migration
E. Better medical facilities

Question 45:

• JAMB 1978

The optimum population of a country is reached when

A. All factor of production have been fully employed
B. The productive effort per man is at its highest with a given volume of resources
C. The total population of a country increases
D. The natural resources of a country increases
E. The working population of a country increases