The circular flow of income - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

A demand which gives rise to the reverse of the law of demand is__________

A. Derived demand
B. Joint demand
C. Abnormal demand
D. Composite demand

Question 2:

• JAMB 1985

The interdependence between households and business enterprises illustrated in the figure is known as

A. Market interaction
B. Cash flow
C. Circular flow of income
D. Supply and demand for goods and services
E. Household preference schedule

Question 3:

• JAMB 1989

In its simplified form, the circular flow of income concept refers to the?

A. Real flow in goods and services between the product and factor markets
B. Monetary payment for goods and services produced by individual firms
C. Transactions in goods and services and payment for such transactions between individual firms and households.
D. Money flows associated with transactions between individual firms and households

Question 4:

• JAMB 1989

In its simplified form, the circular flow of income concept refers to the?

A. Real flow in goods and services between the product and factor markets
B. Monetary payment for goods and services produced by individual firms
C. Transactions in goods and services and payment for such transactions between individual firms and households.
D. Money flows associated with transactions between individual firms and households

Question 5:

• JAMB 1990

The lower half of the diagram indicates

A. The flow of goods and services
B. Payments for goods and services
C. The flow of income
D. Government transactions