Economic problems - Jamb Economics Past Questions and Answers

Question 1:

• JAMB 2019

The main concern of economists is to________-

A. Control the growth of population
B. Redistribute income between the rich and poor
C. Satisfy all human wants
D. Allocate scarce resources to satisfy human wants

Question 2:

• JAMB 2019

The basic economic problems of society include___________

A. Scarcity, for whom to produce and where
B. What to produce, how and for whom
C. Scarcity, when to produce and how
D. How to produce and sell

Question 3:

• JAMB 2019

The ultimate objectives of economics is to_________?

A. Decide under what circumstances that government should intervene in the economy
B. Organize production at the lowest cost
C. Make the best use of scarce resources
D. Make efforts to understands how the economy works

Question 4:

• JAMB 2017

The economic questions about what and how to produce in an economy is solely answered by the _______?

A. Government
B. Labour union
C. Private and public enterpriser
D. System of economy practised

Question 5:

• JAMB 1983

The concept of economic efficiency primary refers to?

A. Obtaining the maximum output from available resources at the lowest cost
B. Conservation of our petroleum resources
C. Equity in the distribution of the nation's wealth
D. Producing without waste
E. The limited wants-unlimited resources dilemma