Economic problems - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 1985

An economic problem exists whenever

A. There is scacity and choice
B. There are no buyers for our goods
C. There are too many sellers
D. Many people are out of work
E. All raw materials are imported

Question 7:

• 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 8:

• JAMB 1992

Which of the following situations can give rise to economic problems?

A. Unlimited human wants
B. Wants of varying important
C. Limited means available for satisfying wants
D. Means used in different ways

Question 9:

• JAMB 1992

Which of the following situations can give rise to economic problems?

A. Unlimited human wants
B. Wants of varying important
C. Limited means available for satisfying wants
D. Means used in different ways

Question 10:

• JAMB 1994

The basic economic problems of the society include?

A. What to produce, how and for whom
B. How to produce and sell
C. Scarcity, when to produce and how
D. Scarcity, for whom to produce and where