Jamb Economics 1998 Past Questions and Answers

Question 1:

• JAMB 1998

One of the economic problems of Nigeria today arises from?

A. The over utilization of human and natural resources
B. Unavailability of mineral resources
C. Inadequate manpower resources
D. The under-utilization of human and natural resources

Question 2:

• JAMB 1998

One of the economic problems of Nigeria today arises from?

A. The over utilization of human and natural resources
B. Unavailability of mineral resources
C. Inadequate manpower resources
D. The under-utilization of human and natural resources

Question 3:

• JAMB 1998

In certain circumstances, a centrally planned economy adopts the rationing system because of?

A. The scarcity of goods and services in the market
B. Low real and money wages
C. The need for equitable distribution of goods and services
D. Transportation and distribution problems

Question 4:

• JAMB 1998

Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?

A. B = D and X > M
B. B - D = O and M > X
C. D - B = O and M = X
D. X > M and D > B

Question 5:

• JAMB 1998

The short-run period in production is defined as a period when?

A. There is at least one fixed factor
B. All costs of production must be covered
C. The output cannot be varied
D. Current output is not profitable