Efficiency use of resources - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

The main concern of economists is to________-

A. Control the growth of population
B. Redistribute income between the rich and poor
C. Satisfy all human wants
D. Allocate scarce resources to satisfy human wants

Question 2:

• JAMB 2019

The ultimate objectives of economics is to_________?

A. Decide under what circumstances that government should intervene in the economy
B. Organize production at the lowest cost
C. Make the best use of scarce resources
D. Make efforts to understands how the economy works

Question 3:

• JAMB 1983

The concept of economic efficiency primary refers to?

A. Obtaining the maximum output from available resources at the lowest cost
B. Conservation of our petroleum resources
C. Equity in the distribution of the nation's wealth
D. Producing without waste
E. The limited wants-unlimited resources dilemma

Question 4:

• JAMB 1989

The primary problem of Economics is?

A. To obtain a more equitable distribution of money income
B. The scarcity of productive resources relative to material needs
C. How to reach prices which correctly depict that products and resources are not in abundance
D. To teach people how to save so as to make more money

Question 5:

• 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