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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

In its simplified form, the circular flow of income concept refers to the?

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A Real flow in goods and services between the product and factor markets
B Monetary payment for goods and services produced by individual firms
C Transactions in goods and services and payment for such transactions between individual firms and households.
D Money flows associated with transactions between individual firms and households

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Question 2:

In its simplified form, the circular flow of income concept refers to the?

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A Real flow in goods and services between the product and factor markets
B Monetary payment for goods and services produced by individual firms
C Transactions in goods and services and payment for such transactions between individual firms and households.
D Money flows associated with transactions between individual firms and households

View Answer & Explanation

Question 3:

The need to construct a scale of preference is necessitated by?

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A The need to satisfy wants
B Scarcity and the need for choice
C Scarcity of resources
D Non-availability of factors of production

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Question 4:

A shift in the production possibility frontier could result from?

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A Unemployment
B Changes in the combination of goods produced
C Inflation
D Changes in production techniques

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Question 5:

The primary problem of Economics is?

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A To obtain a more equitable distribution of money income
B The scarcity of productive resources relative to material needs
C How to reach prices which correctly depict that products and resources are not in abundance
D To teach people how to save so as to make more money

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