Jamb Economics 2022 Past Questions and Answers

Question 46:

• JAMB 2022

The price mechanism

A. Regulates supply and demand
B. Rations the consumers
C. Rewards the producers
D. Allocates scarce resources
E. Does all of the above

Question 47:

• JAMB 2022

In a free market economy, the rationing of scarce goods is done principally by?

A. The government
B. Business organizations
C. The price mechanism
D. Consumers

Question 48:

• JAMB 2022

Scale of preference shows

A. Incomes of consumers in order of size
B. Utilities enjoyed by consumers
C. Opportunity cost of goods consumed
D. Consumer's wants in order of priority

Question 49:

• JAMB 2022

There is unemployment of resources when production is

A. Within the production possibility curve
B. Outside the production possibility curve
C. Along the production possibility curve
D. Adequate to meet market demand

Question 50:

• JAMB 2022

A major characteristic of natural resources is they

A. Are unlimited in supply
B. Have high cost of production
C. Are free gifts of nature
D. Do not command any price