Jamb Economics 2007 Past Questions and Answers

Question 1:

• JAMB 2007

An economic system in which the producer and the consumer are the same is referred to as a

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

Question 2:

• JAMB 2007

An economic system in which the producer and the consumer are the same is referred to as a

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

Question 3:

• JAMB 2007

The choice of what to produce in a command economy is determined by

A. Industrial establishments
B. Labour unions
C. The government and labour unions
D. The central government

Question 4:

• JAMB 2007

The range is used to

A. Estimate the mean from grouped data
B. Calculate the standard deviation
C. Determine the spread of a set of data
D. Measure the difference between the mean and the mode

Question 5:

• JAMB 2007

When the demand for a good increases owing to an increase in income, it means that

A. There is an increase in quantity demanded
B. Inflation has taken place
C. Demand has exceeded supply
D. There is an increase in demand