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Economics Past Questions and Answers

Jamb Economics Questions

Question 46:

The price mechanism

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A Regulates supply and demand
B Rations the consumers
C Rewards the producers
D Allocates scarce resources
E Does all of the above

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Question 47:

In a free market economy, the rationing of scarce goods is done principally by?

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A The government
B Business organizations
C The price mechanism
D Consumers

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Question 48:

Scale of preference shows

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A Incomes of consumers in order of size
B Utilities enjoyed by consumers
C Opportunity cost of goods consumed
D Consumer's wants in order of priority

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Question 49:

There is unemployment of resources when production is

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A Within the production possibility curve
B Outside the production possibility curve
C Along the production possibility curve
D Adequate to meet market demand

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Question 50:

A major characteristic of natural resources is they

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A Are unlimited in supply
B Have high cost of production
C Are free gifts of nature
D Do not command any price

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