Jamb Economics 1993 Past Questions and Answers

Question 1:

• JAMB 1993

It is impossible to satisfy all human wants because?

A. Areas of fertile land are very limited
B. Oceans and seas limit land space for farming
C. Resources are not equitably distributed
D. Available resources are limited

Question 2:

• JAMB 1993

It is impossible to satisfy all human wants because?

A. Areas of fertile land are very limited
B. Oceans and seas limit land space for farming
C. Resources are not equitably distributed
D. Available resources are limited

Question 3:

• JAMB 1993

The main function of the price system is to?

A. Distribute resources equally among competing ends
B. Ensure efficient allocation of resources in the economic system
C. Allocate goods and services equally
D. Minimize cheating

Question 4:

• JAMB 1993

A system in which the means of production is held in trust for the people by government is known as a?

A. Socialist economy
B. Capitalist economy
C. Subsistence economy
D. Mixed economy

Question 5:

• JAMB 1993

The working population refers to?

A. A population where the average age is falling
B. The population within the '0 -14'age bracket
C. The economically active segment of the population
D. The dependent population