Economics 1989 JAMB Past Questions

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In its simplified form, the circular flow of income concept refers to the?

A. real flow in goods and services between the product and factor markets
B. monetary payment for goods and services produced by individual firms
C. transactions in goods and services and payment for such transactions between individual firms and households.
D. money flows associated with transactions between individual firms and households

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The need to construct a scale of preference is necessitated by?

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A shift in the production possibility frontier could result from?

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The primary problem of Economics is?

A. to obtain a more equitable distribution of money income
B. the scarcity of productive resources relative to material needs
C. how to reach prices which correctly depict that products and resources are not in abundance
D. to teach people how to save so as to make more money

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Efficiency in production involves?

A. reducing the size of the workforce
B. producing a given output with the lowest cost combination of factors of production
C. adoption of capital-intensive technology
D. increasing the quantity of the fixed factor of production

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