Jamb Economics 1994 Past Questions and Answers

Question 1:

• JAMB 1994

The basic economic problems of the society include?

A. What to produce, how and for whom
B. How to produce and sell
C. Scarcity, when to produce and how
D. Scarcity, for whom to produce and where

Question 2:

• JAMB 1994

The basic economic problems of the society include?

A. What to produce, how and for whom
B. How to produce and sell
C. Scarcity, when to produce and how
D. Scarcity, for whom to produce and where

Question 3:

• JAMB 1994

Opportunity cost is an economic concept which describes the?

A. Monetary equivalent of the utility of a commodity
B. Amount of time or money invested on a commodity
C. Sacrifice made for the satisfaction of a want
D. Cost of retaining an optimum level of production of commodities

Question 4:

• JAMB 1994

The circular flow of income defines the?

A. Relationship between ends and means in the economic system
B. Allocation of income to various members of the household
C. Flow of goods, services amd money among the various micro-sectors of the economy
D. Micro-economic relationships in economic analysis

Question 5:

• JAMB 1994

The necessity of choice is due to the fact that?

A. Human wants are insatiable
B. Consumers like to maximize satisfaction
C. Resources are abundant
D. Consumers are selective