Jamb Economics 1981 Past Questions and Answers

Question 1:

• JAMB 1981

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

A. Human wants are numerous but the resources needed to satisfy them are limited
B. Given numerous wants and limited resources only individuals and businesss firms make choice
C. The process of making a choices involves opportunity cost
D. An economist is not interested morality or otherwise of any choice so made
E. Usually choice is made from a list of wants compliled in the context of a scale of preference

Question 2:

• JAMB 1981

'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?

A. Human wants are numerous but the resources needed to satisfy them are limited
B. Given numerous wants and limited resources only individuals and businesss firms make choice
C. The process of making a choices involves opportunity cost
D. An economist is not interested morality or otherwise of any choice so made
E. Usually choice is made from a list of wants compliled in the context of a scale of preference

Question 3:

• JAMB 1981

Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?

A. Immigration
B. Brith control measures, e.g. use of contraceptives
C. Late marriage
D. Creating more educational opportunities for women
E. Sex education

Question 4:

• JAMB 1981

Two goods, X and Y, are said to be complementary when?

A. A fall in the price of X raises the demand for Y
B. A fall in the price of X causes a fall in the demand for Y
C. A fall in the price of X does not affect the demand for Y
D. A rise in the price of X does not affect the demand for Y
E. The two goods are competitive.

Question 5:

• JAMB 1981

Which of the following is NOT true about specialization or division of labour?

A. Specialization and exchange go hand in hand
B. Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
C. Division of labour needs not take account of the extent of the market
D. Division of labour results in increased productivity
E. Division of labour involves the danger of unemployment