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Economics 1994 JAMB Past Questions

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1
The basic economic problems of the society include?
  • A. what to produce, how and for whom
  • B. how to produce and sell
  • C. scarcity, when to produce and how
  • D. scarcity, for whom to produce and where
View Answer & Discuss JAMB 1994
2
Opportunity cost is an economic concept which describes the?
  • A. monetary equivalent of the utility of a commodity
  • B. amount of time or money invested on a commodity
  • C. sacrifice made for the satisfaction of a want
  • D. cost of retaining an optimum level of production of commodities
View Answer & Discuss JAMB 1994
3

The circular flow of income defines the?

  • A. relationship between ends and means in the economic system
  • B. allocation of income to various members of the household
  • C. flow of goods, services amd money among the various micro-sectors of the economy
  • D. micro-economic relationships in economic analysis
View Answer & Discuss (1) JAMB 1994
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4
The necessity of choice is due to the fact that?
  • A. human wants are insatiable
  • B. consumers like to maximize satisfaction
  • C. resources are abundant
  • D. consumers are selective
View Answer & Discuss JAMB 1994
5
In a mixed economy, decisions to produce are taken by?
  • A. men and women acting in their own best interest
  • B. the government acting in the interest of the country
  • C. the market women, the labour unions and the employers association
  • D. private individuals, organization and the government
View Answer & Discuss JAMB 1994
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