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Economics 1981 JAMB Past Questions

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1
'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
  • A. Human wants are numerous but the resources needed to satisfy them are limited
  • B. Given numerous wants and limited resources only individuals and businesss firms make choice
  • C. The process of making a choices involves opportunity cost
  • D. An economist is not interested morality or otherwise of any choice so made
  • E. Usually choice is made from a list of wants compliled in the context of a scale of preference
View Answer & Discuss (2) JAMB 1981
2
Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?
  • A. Immigration
  • B. Brith control measures, e.g. use of contraceptives
  • C. Late marriage
  • D. Creating more educational opportunities for women
  • E. Sex education
View Answer & Discuss (1) JAMB 1981
3
Two goods, X and Y, are said to be complementary when?
  • A. A fall in the price of X raises the demand for Y
  • B. A fall in the price of X causes a fall in the demand for Y
  • C. A fall in the price of X does not affect the demand for Y
  • D. A rise in the price of X does not affect the demand for Y
  • E. The two goods are competitive.
View Answer & Discuss (10) JAMB 1981
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4
Which of the following is NOT true about specialization or division of labour?
  • A. Specialization and exchange go hand in hand
  • B. Specialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
  • C. Division of labour needs not take account of the extent of the market
  • D. Division of labour results in increased productivity
  • E. Division of labour involves the danger of unemployment
View Answer & Discuss (2) JAMB 1981
5
Money becomes a very poor store of value in a period of
  • A. Deflation
  • B. Stable prices
  • C. Recession
  • D. Inflation
  • E. Harvest
View Answer & Discuss (3) JAMB 1981
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