Jamb Economics Past Questions and Answers

Question 2271:

• JAMB 2022

There is unemployment of resources when production is

A. Within the production possibility curve
B. Outside the production possibility curve
C. Along the production possibility curve
D. Adequate to meet market demand

Question 2272:

• JAMB 2022

A major characteristic of natural resources is they

A. Are unlimited in supply
B. Have high cost of production
C. Are free gifts of nature
D. Do not command any price

Question 2273:

• JAMB 2022

A major disadvantage of a capitalist economy is that it

A. Leads to low production of goods and services
B. Requires large number of officials to operate
C. Considers individual consumers' satisfaction
D. Worsens income inequality among the citizens

Question 2274:

• JAMB 2022

The mining sector of an economy contributes 60% to the Gross Domestic Product(GDP). If the GDP is $540, what is the contribution of the mining sector?

A. $ 90.00
B. $ 180.00
C. $ 324.00
D. $ 350.00

Question 2275:

• JAMB 2022

The increase in the demand for a commodity may lead to a decrease in the demand for another if both are

A. In complementary demand
B. Of the same quality
C. In composite demand
D. In competitive demand