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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

It is impossible to satisfy all human wants because?

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A Areas of fertile land are very limited
B Oceans and seas limit land space for farming
C Resources are not equitably distributed
D Available resources are limited

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Question 2:

It is impossible to satisfy all human wants because?

SchoolNGR Classroom

A Areas of fertile land are very limited
B Oceans and seas limit land space for farming
C Resources are not equitably distributed
D Available resources are limited

View Answer & Explanation

Question 3:

The main function of the price system is to?

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A Distribute resources equally among competing ends
B Ensure efficient allocation of resources in the economic system
C Allocate goods and services equally
D Minimize cheating

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Question 4:

A system in which the means of production is held in trust for the people by government is known as a?

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A Socialist economy
B Capitalist economy
C Subsistence economy
D Mixed economy

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Question 5:

The working population refers to?

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A A population where the average age is falling
B The population within the '0 -14'age bracket
C The economically active segment of the population
D The dependent population

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