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Economics 1991 JAMB Past Questions

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1

In market economy, the question of what, how and for whom to produce are solved the

  • A. elected representative
  • B. planning committe
  • C. price mechanism
  • D. government
View Answer & Discuss (6) JAMB 1991
2
Economic goods are termed scarce goods when they are?
  • A. not available in sufficient quantities to satisfy all wants for them
  • B. not produced in sufficient quantities to satisfy the effefctive demand for them
  • C. of high quality
  • D. of primary importance in satisfying the needs of a society
View Answer & Discuss JAMB 1991
3
A school girl who needs a book and mirror, each coasting five naira, decides to purchase the book instead of the mirror since she cannot pay for the two at the same time. Determined the real cost of her book.
  • A. The five naira she spent on the book
  • B. Five naira real cash value
  • C. the mirror
  • D. The book
View Answer & Discuss (6) JAMB 1991
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4
Macroeconomics is a study of economics science from the point of view of?
  • A. resource markets or production units
  • B. individual producers or consumers
  • C. aggregate or general economy
  • D. companies or individual firms
View Answer & Discuss (3) JAMB 1991
5
If units of a variable factor are increasingly added to a fixed factor and the marginal physical product keeps increasing, production is said to be taking place under conditions of?
  • A. increasing returns to the variable factor
  • B. increasing returns to scale
  • C. constant returns to variable factor
  • D. external economies of scale
View Answer & Discuss (2) JAMB 1991
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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