Jamb Economics 2000 Past Questions and Answers

Question 1:

• JAMB 2000

Economic can be defined as?

A. Reduction in spending in the face of competing alternative
B. Allocation of resources to alternative uses
C. Economic behaviour of small units like the household and the firm
D. The study of economic aggregates like inflation and national income

Question 2:

• JAMB 2000

Economic can be defined as?

A. Reduction in spending in the face of competing alternative
B. Allocation of resources to alternative uses
C. Economic behaviour of small units like the household and the firm
D. The study of economic aggregates like inflation and national income

Question 3:

• JAMB 2000

(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(IV) How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.

A. I, ii and iii
B. I, ii and iv
C. I, iii and iv
D. Ii, iii and iv

Question 4:

• JAMB 2000

In a capitalist economy, the economic problem of what goods to produce is decided mainly by?

A. Shadow prices
B. Profit level
C. Relative prices
D. A central planner

Question 5:

• JAMB 2000

Which of the following is an example of derived demand?

A. Tax relief
B. Labour
C. Wage increase
D. Entertainment