Economic problems - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 2000

(i) What and how much will be produced
(ii) How will it be produced
(iii) For whom will it be produced
(IV) How much will be exported and consumed?
From the above, identify the combination of basic resource allocation questions in economic analysis.

A. I, ii and iii
B. I, ii and iv
C. I, iii and iv
D. Ii, iii and iv

Question 17:

• JAMB 2001

A major problem facing all economies is how to?

A. Increase consumption of imported goods
B. Improve trade among nations
C. Transform from a developing to a developed economy
D. Allocate scarce resources

Question 18:

• JAMB 2006

A decision on input combination solves the economic problem of

A. How to produce
B. For whom to produce
C. When to produce
D. What to produce

Question 19:

• JAMB 2007

The choice of what to produce in a command economy is determined by

A. Industrial establishments
B. Labour unions
C. The government and labour unions
D. The central government

Question 20:

• JAMB 2007

The term ceteris paribus implies that

A. Resources are scarce
B. Human problems can be solved
C. Human beings are unpredictable
D. All factors are fully utilized