Jamb Economics 1991 Past Questions and Answers

Question 1:

• JAMB 1991

in market economy, the question of what, how and for whom to produce are solved the

A. Elected representative of the solved
B. Planning committe
C. Price mechanism
D. Government

Question 2:

• JAMB 1991

in market economy, the question of what, how and for whom to produce are solved the

A. Elected representative of the solved
B. Planning committe
C. Price mechanism
D. Government

Question 3:

• JAMB 1991

Economic goods are termed scarce goods when they are?

A. Not available in sufficient quantities to satisfy all wants for them
B. Not produced in sufficient quantities to satisfy the effefctive demand for them
C. Of high quality
D. Of primary importance in satisfying the needs of a society

Question 4:

• JAMB 1991

A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.

A. The five naira she spent on the book
B. Five naira real cash value
C. The mirror
D. The book

Question 5:

• JAMB 1991

Macroeconomics is a study of economics science from the point of view of?

A. Resource markets or production units
B. Individual producers or consumers
C. Aggregate or general economy
D. Companies or individual firms