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Jamb Economics Past QuestionsJamb Past Questions and Answers on Solutions to economic problems under different systemsQuestion 1:A demand which gives rise to the reverse of the law of demand is__________ A. Derived demand B. Joint demand C. Abnormal demand D. Composite demand Question 2:A major feature of an underdeveloped economy is A. Excess capacity utilization B. Low rate of population growth C. Low level of standard of living D. Low level of unemployment Question 3:An economic problem arises when? A. Manufactured goods are in short supply B. Money is in short supply C. Buyers are many D. Sellers are few E. Scarcity and choice are involved Question 4:Government intervention in an economy is often justified on the group that? A. Wants are unlimited while resources are scarce B. Productivity is higher in the public than in the private sector C. Free market may not work, or produce desirable results D. Opportunity cost of government expenditure is zero Question 5:The active intervention of the central authorities in the management of a country's economy rest upon the? A. Failure of the market force to produce satisfactory result B. Superiority of the centrally planned economy over the private enterprise economy C. Result-oriented nature of the private enterprise economy D. Cost-minimization strategy of a mixed economy
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