Jamb Economics 1992 Past Questions and Answers

Question 1:

• JAMB 1992

Which of the following situations can give rise to economic problems?

A. Unlimited human wants
B. Wants of varying important
C. Limited means available for satisfying wants
D. Means used in different ways

Question 2:

• JAMB 1992

Which of the following situations can give rise to economic problems?

A. Unlimited human wants
B. Wants of varying important
C. Limited means available for satisfying wants
D. Means used in different ways

Question 3:

• JAMB 1992

Scale of preference refers to?

A. Consumers preference for luxury goods
B. The household monthly income
C. List of goods and servicesin order of priority
D. Budget perparation without paying due regard to priority

Question 4:

• JAMB 1992

For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?

A. Amount of X it could not produced
B. Amount of Y it produced
C. Total amount of Y it could have produced
D. Extra amount of Y it could have produced

Question 5:

• JAMB 1992

Which of the following is applicable in a wholly capitalist economy?

A. There is government intervention in price determination
B. Consumer sovereignty does not exist
C. The price mechanism allocates resources
D. Households cannot freely decide what to spend on goods and services