Economic problems - Jamb Economics Past Questions and Answers

Question 11:

• 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

Question 12:

• JAMB 1994

Every economy requires an accurate census because it assist in?

A. Solving inflation problem
B. Providing a sound framework for policy formulation
C. Stimulating economic activities in the national economy
D. Solving unemployment problem

Question 13:

• 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

Question 14:

• JAMB 1995

What to produce in any society is determined by the?

A. Expenditure of the people on different commodities
B. Competition among the different producers
C. Competition among the different consumers
D. Supply and demand in the factor markets

Question 15:

• JAMB 1998

One of the economic problems of Nigeria today arises from?

A. The over utilization of human and natural resources
B. Unavailability of mineral resources
C. Inadequate manpower resources
D. The under-utilization of human and natural resources