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Thursday, 02 April 2026
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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:
in market economy, the question of what, how and for whom to produce are solved the
  • A Elected representative of the solved
  • B Planning committe
  • C Price mechanism
  • D Government
View Answer & Explanation
Question 2:
in market economy, the question of what, how and for whom to produce are solved the
  • A Elected representative of the solved
  • B Planning committe
  • C Price mechanism
  • D Government
View Answer & Explanation
Question 3:
Economic goods are termed scarce goods when they are?
  • A Not available in sufficient quantities to satisfy all wants for them
  • B Not produced in sufficient quantities to satisfy the effefctive demand for them
  • C Of high quality
  • D Of primary importance in satisfying the needs of a society
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Question 4:
A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.
  • A The five naira she spent on the book
  • B Five naira real cash value
  • C The mirror
  • D The book
View Answer & Explanation
Question 5:
Macroeconomics is a study of economics science from the point of view of?
  • A Resource markets or production units
  • B Individual producers or consumers
  • C Aggregate or general economy
  • D Companies or individual firms
View Answer & Explanation