Jamb Economics 1995 Past Questions and Answers

Question 1:

• JAMB 1995

The ultimate objective of Economics is to?

A. Make effort to understand how the Economy works
B. Make the best use of scarce resources
C. Organize production at the lowest cost
D. Decide under what circumstances the government should intervene inthe economy

Question 2:

• JAMB 1995

The ultimate objective of Economics is to?

A. Make effort to understand how the Economy works
B. Make the best use of scarce resources
C. Organize production at the lowest cost
D. Decide under what circumstances the government should intervene inthe economy

Question 3:

• JAMB 1995

A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?

A. Check how much he has
B. Find out which is the cheapest of the items
C. Draw up a scale of preference
D. Weigh the opportunity cost of each item against the other

Question 4:

• JAMB 1995

What to produce in any society is determined by the?

A. Expenditure of the people on different commodities
B. Competition among the different producers
C. Competition among the different consumers
D. Supply and demand in the factor markets

Question 5:

• JAMB 1995

The active intervention of the central authorities in the management of a country's economy rest upon the?

A. Failure of the market force to produce satisfactory result
B. Superiority of the centrally planned economy over the private enterprise economy
C. Result-oriented nature of the private enterprise economy
D. Cost-minimization strategy of a mixed economy