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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

Which of the following situations can give rise to economic problems?

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A Unlimited human wants
B Wants of varying important
C Limited means available for satisfying wants
D Means used in different ways

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Question 2:

Which of the following situations can give rise to economic problems?

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A Unlimited human wants
B Wants of varying important
C Limited means available for satisfying wants
D Means used in different ways

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Question 3:

Scale of preference refers to?

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A Consumers preference for luxury goods
B The household monthly income
C List of goods and servicesin order of priority
D Budget perparation without paying due regard to priority

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Question 4:

For an economy which last year produced only two commodities X and Y, the real cost of the quantity of X which it produced can be measured by the?

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A Amount of X it could not produced
B Amount of Y it produced
C Total amount of Y it could have produced
D Extra amount of Y it could have produced

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Question 5:

Which of the following is applicable in a wholly capitalist economy?

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A There is government intervention in price determination
B Consumer sovereignty does not exist
C The price mechanism allocates resources
D Households cannot freely decide what to spend on goods and services

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