Jamb Economics 1984 Past Questions and Answers

Question 1:

• JAMB 1984

The main economic objective behind the production of goods and services in any economy is to?

A. Maximize profits
B. Satisfy human wants
C. Become self reliant
D. Create job opportunities
E. Make people wealthy

Question 2:

• JAMB 1984

The main economic objective behind the production of goods and services in any economy is to?

A. Maximize profits
B. Satisfy human wants
C. Become self reliant
D. Create job opportunities
E. Make people wealthy

Question 3:

• JAMB 1984

Demand for a commodity by a consumer is the quantity of that commodity that the consumer

A. Demands at a given price at a point in time
B. Demand at a given price
C. Actually digests
D. Produces, given its price
E. Can store away during bnad weather

Question 4:

• JAMB 1984

Division of labour is limited by?

A. The size of market
B. The productivity of capital
C. Cost of production
D. The factors of production
E. Government policy

Question 5:

• JAMB 1984

The production within the domestic territory of a country is called the

A. Net national product
B. Gross domestic product
C. Net income
D. Disposable income
E. Gross national product