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

Question 6:

• 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

Question 7:

• JAMB 1994

The circular flow of income defines the?

A. Relationship between ends and means in the economic system
B. Allocation of income to various members of the household
C. Flow of goods, services amd money among the various micro-sectors of the economy
D. Micro-economic relationships in economic analysis

Question 8:

• JAMB 1995

In the circular flow of income above, the direction of flow of payments for consumption purchases is shown by the arrow

A. K
B. L
C. M
D. N

Question 9:

• JAMB 1999

When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?

A. An opportunity cost
B. An economic rent
C. Transfer earnings
D. Surplus value

Question 10:

• JAMB 2007

In the circular flow of income model, the outflow variables represent

A. Income
B. Expenditure
C. Injections
D. Leakages