Jamb Economics Past Questions and Answers

Question 2266:

• JAMB 2022

Which of the following cannot be classified as a natural resource?

A. Iron rod
B. Wild life
C. Solar energy
D. Gold

Question 2267:

• JAMB 2022

Marginal cost is?

A. The lowest cost of producing goods
B. The cost of production of the most efficient firm in an industry
C. The cost of production of the most inefficient firm in an industry
D. The cost of production of the last or extra unit of goods produced by a firm

Question 2268:

• JAMB 2022

The price mechanism

A. Regulates supply and demand
B. Rations the consumers
C. Rewards the producers
D. Allocates scarce resources
E. Does all of the above

Question 2269:

• JAMB 2022

In a free market economy, the rationing of scarce goods is done principally by?

A. The government
B. Business organizations
C. The price mechanism
D. Consumers

Question 2270:

• JAMB 2022

Scale of preference shows

A. Incomes of consumers in order of size
B. Utilities enjoyed by consumers
C. Opportunity cost of goods consumed
D. Consumer's wants in order of priority