Jamb Economics 1989 Past Questions and Answers

Question 1:

• JAMB 1989

In its simplified form, the circular flow of income concept refers to the?

A. Real flow in goods and services between the product and factor markets
B. Monetary payment for goods and services produced by individual firms
C. Transactions in goods and services and payment for such transactions between individual firms and households.
D. Money flows associated with transactions between individual firms and households

Question 2:

• JAMB 1989

In its simplified form, the circular flow of income concept refers to the?

A. Real flow in goods and services between the product and factor markets
B. Monetary payment for goods and services produced by individual firms
C. Transactions in goods and services and payment for such transactions between individual firms and households.
D. Money flows associated with transactions between individual firms and households

Question 3:

• JAMB 1989

The need to construct a scale of preference is necessitated by?

A. The need to satisfy wants
B. Scarcity and the need for choice
C. Scarcity of resources
D. Non-availability of factors of production

Question 4:

• JAMB 1989

A shift in the production possibility frontier could result from?

A. Unemployment
B. Changes in the combination of goods produced
C. Inflation
D. Changes in production techniques

Question 5:

• JAMB 1989

The primary problem of Economics is?

A. To obtain a more equitable distribution of money income
B. The scarcity of productive resources relative to material needs
C. How to reach prices which correctly depict that products and resources are not in abundance
D. To teach people how to save so as to make more money